InterOil’s Q2 net profit: US$15.6m
INTEROIL has seen the best ever quarterly performance in its short history, realising a US$15.6 million (K40.68 million) net profit in the second quarter ended June 30.
Canada’s InterOil – with investments in gas exploration, fuel refinery, wholesale and retail sales in PNG – recorded vast improvement in its financials from the past year.
In its second quarterly report yesterday, chairman and chief executive officer Phil Mulacek said. “We are extremely pleased with these results, recording the best quarter ever in our short history with successful outcomes achieved in all business segments.”
The company reported that earnings before interest taxes, depreciation and amortization (EBITDA) was US$27.4 million (K71.45 million), an improvement of US$21.8 million (K56.854 million) or 392% over same quarter of 2007.
InterOil added that EBITDA of US$10.2 million (K25.597 million), US$16.3 million (K42.50 million) and US$7.9 million (K20.599 million) was achieved in the core upstream, midstream and downstream business, respectively.
Net profit after tax, it said, was US$15.6 million (K40.68 million) [per share basic US$0.48], an improvement of US$18.6 million (K48.50 million) over same quarter of 2007.
Its sales and operating revenues was US$243.7 million (K635.46 million), compared to US$139.3 million (K363.23 million) for the same quarter of 2007.
InterOil derived US$10 million (K26.08 million) net profit from its upstream business, including proceeds from its divestments of its interest in petroleum retention licences 4 and 5, its mid-stream refining business brought in a US$10 million (KK26.08 million) net profit; its mid-stream liquefaction business recorded a net loss of US$1.8 million (K4.69 million), while net losses of for corporate was at US$5.9 million (K15.38 million).
Also, the company on May 1 discovered a second major gas and condensate field whilst drilling Elk-4A (in Gulf province), recording a gas column of 2,038ft, marking one of its most successful quarters to date.
“We are pleased to report a vast improvement in the financial results achieved by our operating businesses which complement the exceptional results obtained in our upstream segment during the second quarter of 2008,” Collin Visaggio, chief financial officer, said.
“We continue to focus on our strategic plan and business improvement plans, the results of which are being reflected in our financial performance,” he added.
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