Beach Energy H1 net profit drops on impairment charge
PERTH (miningweekly.com) - Oil and gas miner Beach Energy has reported a 22% decline in after-tax net profit for the first half of 2013.
The company’s after-tax net profit for the six months to December 2012 fell to A$44-million, compared with the A$56-million in the previous corresponding period. Beach attributed the decline to the unrealised loss on the revaluation of the derivative liability attached to convertible notes.
By adjusting the net profit after tax to exclude impairment, and unrealised and nonrecurring items, the underlying net profit after tax increased by 17% over the previous corresponding period, to A$61-million.
Meanwhile, Beach on Wednesday also reported that sales volumes for the six months under review remained steady at 4.6-million barrels of oil equivalent, with sales from higher production partly offset by lower third-party sales in the current half year.
Sales revenue for the interim period increased by 17% to A$343-million, as oil volumes in the sales mix increased. This was partly offset by lower prices and a higher Australian/US dollar exchange rate, Beach said.
Oil sales revenue was up by A$54-million, owing to increased production. This again was partly offset by a lower realised oil price, which was down 2% on the previous corresponding period. Gas and gas liquids sales revenue was down 5%, to A$113-million, owing to lower gas sales demand.
Looking ahead, Beach expected production for the full 2013 year to be between 8.1-million and 8.5-million barrels of oil equivalent.
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