Breaking News
FONT-SIZE Plus   Neg
Share SHARE
mail  E-MAIL

InterOil Posts Profit In Q4 - Update

RELATED NEWS
Trade IOC now with 
3/19/2012 7:58 AM ET

Energy company InterOil Corp. (IOC: Quote) Monday reported a profit for the fourth-quarter and full year 2011, helped by significant growth in major segments.

The company said its operating segments of Corporate, Midstream Refining and Downstream collectively returned a net profit of $82.3 million for the year. Meanwhile, the development segments of Upstream and Midstream Liquefaction posted a net loss of $64.6 million.

During the fourth quarter, InterOil completed two Heads of Agreements, or HOA, on long-term LNG supply for its proposed LNG project in Papua New Guinea, bringing the total of its three HOAs to 3.3 to 3.8 million tonnes per annum.

Phil Mulacek, chief executive officer of the company said, "We continue to work with our existing LNG development partners and the PNG government to advance our LNG project towards first production. Simultaneously, our advisors are managing the process of soliciting and evaluating proposals from potential strategic LNG partners."

In the fourth quarter, the company posted a net profit of $13.2 million or $0.27 per share, compared to a net loss of $34.83 million or $0.76 per share in the previous year.

Total revenues for the quarter grew to $289.61 million from $194.37 million in the same quarter last year.

For the full year, profit attributable to owners of the company was $17.65 million, compared to a net loss of $44.52 million int eh prior year.

Annual revenues grew to $1.12 billion from $806.99 million a year ago. The company noted that the increase in revenues was due to a higher crude price environment and an increase in domestic volumes of product sold for higher margin products.

IOC closed Friday's regular trading at $58.55 on the NYSE.

Register
To receive FREE breaking news email alerts for InterOil Corp and others in your portfolio

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Editors Pick
After turning in a strong performance last week, stocks may show a lack of direction in early trading on Monday. The major index futures are currently pointing to a roughly flat open for the markets, with the Dow futures down by just 1 point. Healthcare products maker Kimberly-Clark Corp. (KMB) said that its first-quarter net income attributable to the company rose to $538 million from the prior year's $531 million, with earnings per share improving to $1.41 from $1.36 last year. Adjusted earnings for the quarter were $1.48 per share,... Chipmaker Advanced Micro Devices Inc. said Thursday after the markets closed that its first quarter loss narrowed from last year, helped by strong revenue growth in its graphics and visual solutions business. The company's quarterly earnings per share, excluding items, also came in above analysts' expectations as did its quarterly revenue.
comments powered by Disqus
FREE Newsletters, Analysis & Alerts

 

Stay informed with our FREE daily Newsletters and real-time breaking News Alerts. Sign up to receive the latest information on business news, health, technology, biotech, market analysis, currency trading and more.