NEW YORK (TheStreet) -- Shares of Suncor Energy (SU - Get Report) are down -2.33% to $40.90 as the company's reduced spending for its Joslyn oil-sands mining project led the oil producer to report a 69% profit slump, its lowest in six quarters, Bloomberg reports.
Net income fell to C$211 million ($194 million), or 14 cents pershare, in the second quarter from C$680 million, or 45 cents, a year ago, the company said.
Suncor booked an after-tax charge of C$718 million associated with the Joslyn project, a venture with France's Total (TOT - Get Report), Bloomberg noted.
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