Suncor's profit up 30 percent, below forecast

(Reuters) - Suncor Energy Inc , Canada's second-biggest oil sands producer, posted a lower than expected 30 percent rise in third-quarter profit, as the company's production volumes in the quarter were impacted by unplanned maintenance activities in its upgrading and extraction assets.

In the quarter, when oil prices rose to a record before wilting in the financial crisis, Suncor made a net profit of C$815 million ($636.2 million), or C$0.87 per share, up from C$627 million, or C$0.68 per share, in the third quarter of 2007.

The company, which last week delayed completion of its C$20.6 billion Voyageur oil sands project by a year because of falling commodity prices, said excluding one-time items, net income was C$971 million, or C$1.04 per share, up 65 percent from C$538 million, or C$0.58 per share, in the same period last year.

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Suncor Energy President and Chief Executive Officer Rick George listens to a shareholder at the companies annual general meeting in Calgary, April 24, 2008. REUTERS/Todd Korol

That fell short of the average of analysts' profit forecasts of C$1.07 per share, according to Reuters Estimates.

Cash flow rose 41 percent to C$1.35 billion from C$957 million, a year earlier.

Third-quarter production from the company's oil sands operations averaged 245,600 barrels per day.

Natural gas output rose 1 percent 213 million cubic feet equivalent per day

Shares in Suncor closed at C$25.40 Tuesday on the Toronto Stock Exchange.

($1=$1.28 Canadian)

(Reporting by Ajay Kamalakaran in Bangalore; Editing by Greg Mahlich)