30th Dec 2021 09:14
(Alliance News) - Indus Gas Ltd on Thursday said interim revenue improved to pre-pandemic levels due to the commencement of production at gas fields in India.
The oil and gas explorer and developer with assets in India reported a pretax profit of GBP23.0 million in the six months to September 30, up 10% from GBP20.9 million a year before.
The Guernsey, Channel Islands-based company recorded revenue of GBP27.1 million, up 17% from GBP23.2 million a year prior.
The revenue hike can be put down to the commencement of production at the SSG and SSF fields following approval of the Directorate General of Hydrocarbons and government for the integrated field development plan.
This represented a major milestone, Indus said, and contributed to revenue nearing pre-pandemic levels again.
In the comparable pre-Covid half-year period to September 30, 2019 Indus Gas generated a pretax profit of GBP26.1 million on revenue of GBP27.7 million.
"While the pandemic continues to present operational challenges, revenue in the interim period recovered to the comparable pre-pandemic level achieved in 2019," Chair Peter Cockburn commented.
He added: "The company continues to anticipate a step-change in revenue once the additional gas supplies commence through the new pipeline."
Shares in Indus Gas were untraded at 232.0p pence each on Thursday morning in London.
By Abby Amoakuh; [email protected]
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