InterOil Q1 profit down

 INTEROIL recorded a net profit of US$4 million for the first quarter this year, down US$5.4 million from the same period last year.

According to the company’s financial and operational report, InterOil earned a net profit of US$9.4 million during last year’s first quarter.

“The operating segments of corporate, midstream refining and downstream collectively returned a net profit of US$18.5 million.

“Investments in the development segments of upstream and midstream liquefaction yielded a net loss of US$14.5 million for an aggregate net profit of US$4 million.

“Total revenue for the quarter ended March 31, 2013 was US$350.3 million compared to US$338.2 million for the same period last year.

InterOil said: “This increase in the quarter ended March 31, 2013 against the same period last year was due to higher sales volumes made during the quarter.”

The total volume of all products sold by InterOil during the quarter was 2.4 million barrels compared with 2.2 million barrels in first quarter of last year.

Chairman and interim chief executive Dr Gaylen Byker said: “InterOil management and the board are firmly committed to all of our stakeholders. 

“My mandate as chairman is to drive the LNG partner selection process to conclusion while maximising value for all. 

“We believe that our partnering process puts us in an advantageous position. 

“We all look forward to working with a qualified LNG partner, in a fashion that balances the interests of all stakeholders and satisfies the objectives of the PNG Government. 

“We are excited to be at the final stage in this process.”