29th Dec 2016 07:30
LONDON (Alliance News) - Indus Gas Ltd said Thursday its profit and revenue increased in the first half of its financial year as it looks to expand its development and production.
Indus reported a pretax profit of USD22.6 million for the six months to September 30, increased from USD14.3 million in the same period in 2015.
The company's revenue for the period increased to USD27.4 million from USD22.6 million year-on-year.
The increased profit was driven by the higher revenue and by a drop in administrative expense to USD1.0 million, from USD1.7 million in the first half of the prior financial year.
Indus, which has operations focused on the Indus Basin between eastern Pakistan and western India, said an integrated field development plan for about 2,000 square kilometres of its licensed block outside its existing gas discovery is under examination by India's Directorate General of Hydrocarbons.
The company also said it expects to finalise discussions over expanding its current gas sale purchase agreement with GAIL (India) Ltd, with the gas price needing to be mutually agreed.
"Indus has made good progress in the period and continues to see consistent growth in revenue and profits. The revenues are now expected to increase substantially once the additional gas supplies commence," said Peter Cockburn, chairman of Indus.
By Adam Clark; [email protected]
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