TransGlobe May Open Under Pressure on Weak Profit, Concerns over Yemen

By Midnight Trader,  May 09, 2011, 09:01:44 AM EDT

TransGlobe Energy (TGL.TO) shares are likely to open under pressure on Monday after the company said it posted a 77% drop in first quarter profit and said the situation in Yemen is still unsettled, according to Reuters.

Reuters said the oil and gas company had a net income in the first quarter that fell to $2.9 million, or 4 cents a share, from $12.6 million, or 19 cents a share, a year ago. The company also said that although it expects the political crisis in Yemen to be resolved and production to resume, it is difficult to predict when.




The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.


This article appears in: Investing, Commodities

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