Lundin Oil says to break-even in Q3, profit Q4
STOCKHOLM, July 27 (Reuters) - Swedish oil exploration and production company Lundin Oil , which made a loss of 370 million crowns in 1998, said on Tuesday it expected to break-even in the third quarter and make a profit in the fourth.
''We expect to break-even in the current quarter and make most of our profit for the year in the last quarter,'' Lundin Oil President Ian Lundin told Reuters. Earlier, the company, which has been hit by falls in oil prices last year, said it hoped to return to profit in 1999.
Lundin Oil said in a statement that it had voluntarily delisted its shares from the Toronto Stock Exchange, but they would continue to trade on the Stockholm exchange and on Nasdaq in the U.S..
Lundin President Ian Lundin said the company took the step because of thin trading volumes in Toronto.
''Most of our shares are traded in Stockholm, and we thought we would have one other listing -- on Nasdaq would be good,'' he said.
Lundin Oil produces around 9,000 barrels per day in the North Sea and 4,000-5,000 barrels per day in waters offshore Malaysia and Vietnam.
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