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Imperial Oil swings to a quarterly profit helped by oil price recovery

April 30 (Reuters) - Canada’s Imperial Oil Ltd eked out a first-quarter profit on Friday, after having slipped into a loss in the fourth, as it benefited from a nascent demand recovery and COVID-19 vaccine rollouts that pushed oil prices higher.

Imperial posted a profit of C$392 million ($319.32 million), or 53 Canadian cents per share, for the quarter ended March 31, compared to a loss of C$1.15 billion, or C$1.56 per share, in the previous quarter.

The company recorded an impairment charge of C$1.17 billion in the fourth quarter related to certain non-core assets.

$1 = 1.2276 Canadian dollars Reporting by Arundhati Sarkar in Bengaluru; Editing by Shailesh Kuber

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