26th Oct 2016 06:59
LONDON (Alliance News) - Riverstone Energy Ltd on Wednesday said its net asset value and profit both rose in the third quarter of 2016.
The FTSE 250-listed closed-ended energy investment company said its net asset value at the end of September stood at USD1.55 billion after rising 13% from the end of June when NAV stood at USD1.37 billion.
The NAV per share at the end of September had risen to USD18.41 from USD16.24 at the end of June.
Riverstone said it made USD183.1 million in profit in the third quarter - more than a seven times higher than the USD25.2 million profit generated in the first six months of 2016. The third quarter profit per share was 216.75 cents, also much higher than the 29.86 cents profit generated per share over the course of the entire first half of 2016.
Riverstone saw its share price rise by about 25% between June and September, leading to its market capitalisation to increase to USD1.26 billion, or GBP972.0 million, from USD1.00 billion, or GBP756.0 million.
The company said total net commitments in the third quarter amounted to USD119.0 million whilst the total amount invested in the period was USD54.0 million.
"Today's results highlight Riverstone Energy's ability to navigate challenging commodity price environments and deliver value to shareholders. The company's NAV per share stands at USD18.41, an increase of 13% since June's results and 16% since December 2015," said Chairman Richard Hayden.
Furthermore, this does not reflect the uplift of Riverstone Energy's recent USD175.0 million investment in Centennial, which closed after the end of the quarter and is currently trading at a 45% premium to Riverstone Energy's cost base," he added.
By Joshua Warner; [email protected]; @JoshAlliance
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