Husky Energy Declines in Toronto After Profit Trails Analysts' Estimates

Husky Energy Inc., the Canadian oil company controlled by Hong Kong billionaire Li Ka-Shing, fell as much as 5.8 percent in Toronto trading after reporting lower second-quarter earnings than analysts predicted.

Husky dropped C$1.39 to C$25 at 10:15 a.m. on the Toronto Stock Exchange and traded as low as C$24.87. The stock has dropped 17 percent this year.

Net income fell 38 percent to C$266 million ($257 million), or 31 cents a share, Calgary-based Husky said today in a statmement. Per-share profit was 12 cents below the average of 10 analyst estimates compiled by Bloomberg.

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