5th Aug 2021 18:10
Valeura Energy Inc - Canada-based company engaged in the exploration, development and production of petroleum and natural gas in Turkey - For the first half of 2021, pretax loss widens sharply to USD62.3 million from USD2.1 million, driven mainly by a USD67.0 million loss from the currency translation on subsidiaries disposed of, mainly from a plunge in the value of the Turkish lira.
Revenue declined 36% year-on-year to USD2.9 million from USD4.5 million, due to a fall in petroleum and natural gas sales.
"We continue to be active in evaluating mergers and acquisitions opportunities. Our remit includes an expanded geographic scope, with a focus on regions where the experience of our management team and board gives us a competitive advantage. In all instances, we are committed to only doing transactions which bring near term cash flow, plus the opportunity for material value generation," says Chief Executive Officer Sean Guest.
Current stock price: 27.10 pence, down 3.2%
Year-to-date change: down 14%
By Dayo Laniyan; [email protected]
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