30th Sep 2013 11:49
LONDON (Alliance News) - Petroneft Resources PLC Monday said its net loss widened in the first-half as production difficulties and foreign exchange losses hit the company.
The Russian oil production company said its net loss widened to USD10.6 million from USD7.0 million for the six months to June 30.
The company said sales rose 5.4% to USD18.6 million from USD17.6 million as production increased 13% to offset slightly lower domestic sales pricing during the period.
However, the cost of sales increased to USD16.7 million from USD15.1 million as the company started a programme of re-perforation of wells at its Arbuzovskoye site after production difficulties in the first few months in 2013.
Petroneft also records a large USD6.4 million foreign exchange loss on its intra-group loans, which is said damaged group finances.
Petroneft shares were down 5.26% to 3.60 pence Monday.
By Tom McIvor; [email protected]; @TomMcIvor1
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