Encana Q1 Profit Drops 98 pct

Encana Corp, Canada's largest natural gas producer, reported an 98 percent drop in quarterly operating profit, hurt mainly by a steep drop in oil and natural gas prices.

The Calgary-based company's operating profit, which excludes most one-time items, fell to $9 million, or 1 cent per share, in the first quarter ended March 31, from $515 million, or 70 cents per share, a year earlier.

Reporting By Shubhankar Chakravorty