22nd Nov 2013 10:28
LONDON (Alliance News) - SacOil Holdings Ltd Friday said it swung to a profit in its fiscal first half as it cut costs and investment income rose.
The African oil and gas company reported a profit of ZAR27 million from continuing operations for the six months to end-August compared with a loss of ZAR10.4 million a year earlier. It cut operating costs by half to ZAR11.5 million.
It isn't currently earning any revenues.
Sacoil Holdings shares were down 7.4% to 1.505 pence Friday morning.
By Steve McGrath; [email protected]; @SteveMcGrath1
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