Weakened US dollar dampens Canadian earnings

As the US dollar weakened in relation to the Canadian dollar, many firms based in Canada reported lower first half and second quarter earnings than in comparable periods a year earlier. Some companies, however, overcame currency losses with increased production volumes and stronger refining margins. Collectively, the 16 Canadian producers, transporters, and service and supply companies reported here earned 30% less during the second quarter on 18% stronger revenues compared with the same period a year ago. All results are reported in Canadian dollars.Shell Canada Ltd., Calgary, announced second quarter earnings of $285 million, up 63% from the same quarter of 2003. Gains from the Athabasc...

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