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Octant Energy compresses losses, gets forex boost

Friday, November 25, 2016 13:33
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Octant Energy Corp. (CVE:OEL.H) reported an 80% cut to net losses with its third quarter earnings, and received a boost from US to Canadian dollar translation, the company said on Friday.

Comprehensive income loss was US$42,048 in the three months to Sept 30, from US$208,476 in the same period in 2015.

Furthermore, as the company has Canadian operations and Canadian dollar costs but reports in US dollars, there will be translation adjustments each reporting period.

Consequently, there was a translation adjustment gain of $40,395 for the nine months ended September 30, 2016, compared to a gain of $19,371 for the same period in 2015, the company added.

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