28th Sep 2018 17:43
LONDON (Alliance News) - Indus Gas Ltd on Friday reported an increased annual profit on lower costs.
In the year ended March, Indus Gas increased its pretax profit 9.1% to USD47.8 million from USD43.8 million.
The company's revenue increased slightly to USD39.8 million from USD39.1 million.
Indus also increased its operating income - revenue earned from technical assistance services - to USD20.8 million from USD15.5 million.
The oil and gas development company's cost of sales, however, decreased to USD7.6 million from USD11.1 million the year before.
Chairman Peter Cockburn said: "The financial period witnessed some improved conditions in the global oil and gas sector. The approval of the Field Development Plans along with PNGRB inviting bids for Langtala-Bhilwara pipeline to evacuate gas of RJ-ON/6 block, represented a major milestone achieved in 2018.
"The company's strong operational and financial performance is highlighted by another year of improved revenue and profit generation. The board continues to anticipate a substantial increase in revenues once the additional gas supplies commence through the new pipeline."
Shares in Indus Gas closed up 1.5% at 278.00 pence each.
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