22nd Sep 2015 11:37
LONDON (Alliance News) - Indus Gas Ltd Tuesday said its pretax profit rose in the last financial year after the company significantly increased production, and said production will continue to increase in the current financial year.
The India-focused oil and gas company reported a significant rise in pretax profit to USD30.0 million in the year ended March 31, from the USD21.0 million profit reported a year earlier after revenue increased to USD41.4 million from USD27.8 million.
The company's gross profit subsequently rose to USD32.9 million from USD22.4 million. However, administrative costs experienced a small lift to USD2.8 million from USD1.5 million.
"The company's operational and financial performance has been strong with consistent revenues and profits generated during the period. The company has also successfully secured additional balance sheet capacity, on very attractive terms, from which to fund future production growth and infrastructure investment," said Chairman Peter Cockburn.
That additional balance sheet capacity came in the form of a new USD180 million debt facility which was secured during the period.
Production from the SGL field in the period totalled 12.90 billion standard cubic feet of gas, rising from 8.80 billion standard cubic feet a year earlier. Of that total production, 9.78 billion standard cubic feet was sold to its main customer GAIL which has a power plant nearby, compared to only 6.69 billion standard cubic feet.
Indus shares were down 0.5% to 107.50 pence per share on Tuesday.
By Joshua Warner; [email protected]; @JoshAlliance
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