27th Sep 2016 07:29
LONDON (Alliance News) - Indus Gas Ltd on Tuesday reported a rise in revenue over its financial year, though said foreign exchange losses hit its profit level.
The India-focused gas company reported a rise in revenue for the year ended March 31 to USD45.6 million from USD41.4 million a year earlier.
This came after the company's gas production capacity grew to 42 million standard cubic feet per day, from 33.5 million standard cubic feet per day.
Indus said, of the total gas produced, 15,097 million standard square feet was produced from its first discovery SGL in Rajasthan, of which 10,768 million standard square feet was supplied to the Gas Authority of India Ltd. This is ahead of the 12,902 million standard square feet produced out of the discovery a year earlier, of which 9,781 million standard square feet went to the Gas Authority.
The company said it also submitted an initial field development plan for a separate area of the block in February and said it drilled additional appraisal wells, tested and acquired additional 3D seismic for the site.
In light of this, the group's operating profit for the year grew to USD33.2 million from USD30.0 million a year earlier, though profit after tax was hit by a foreign exchange loss of USD370,000, compared to the USD20,000 foreign exchange loss incurred a year earlier. Profit after tax came in at USD15.7 million down from USD16.2 million.
Indus said its focus is currently on developing its Rajasthan block beyond its existing SGL development area, and also in continuing drilling at both the Pariwar and B&B formations in the SGL field.
Shares in Indus were untraded on Tuesday, having last traded at 471.44 pence.
By Hannah Boland; [email protected]; @Hannaheboland
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