24th Sep 2014 09:59
LONDON (Alliance News) - Indus Gas Ltd Wednesday posted significantly higher profit for its last financial year, as production increases ramped up revenue.
The oil and gas exploration and development company with assets in India reported a pretax profit of USD21.0 million for the year ended March 31, compared with a USD3.1 million profit a year earlier.
Revenue increased to USD27.8 million, up from only USD8.1 million last year, as total production during the year increased to 8,085 million standard cubic feet of gas, from 2,444 million standard cubic feet the prior year.
"The company has delivered further significant drilling success and completed a major capital expenditure programme on site in North West India to triple our production capacity," said Chairman Peter Cockburn in a statement.
The company said current drilling is on track and producing positive results, while its infrastructure build is on track to meet second and third phase production over the next two years, and provide some additional capacity for new supply contracts.
Indus Gas shares were trading 2.4% higher at 363.37 pence per share.
By Rowena Harris-Doughty; [email protected]; @rharrisdoughty
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