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Teekay reduces deficit in 1st quarter

Canadian Teekay managed to reduce its deficit in the first three months of 2013 compared to the same period last year.

Photo: Teekay Corporation

Canadian Teekay Corp, listed at the New York Stock Exchange, presented a first quarter financial report that lived up to analysts' expectations of a reduced deficit compared to the same period last year. The adjusted deficit was USD 11.7 million, versus USD 20.8 million the previous year, according to the financial report.

The operational result remained profitable, at USD 62.79 million, with lower costs helping to reduce a decline in revenue, though the results still mark a decrease compared to the result from 2012, at USD 77.96 million.

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