(RTTNews) -  Wednesday, Interoil Corp. (IOC: News ) reported a decline in profit for the third quarter compared to last year on lower revenues.

Interoil's third-quarter net income was US$7.89 million or US$0.18 per share, compared to US$9.23 million or US$0.22 per share in the same quarter last year.

Analysts polled by Thomson Reuters expected the company to report earnings of US$0.02 per share for the quarter. Analysts' estimates typically exclude one-time items.

Revenues for the quarter was US$173.60 million, down from US$263.73 million in the prior year quarter. Analysts expected revenue of US$135.43 million for the quarter.

For the recent quarter, Upstream business segment net profit was US$1.8 million compared to a loss of US$1.0 million in the prior year quarter. Downstream segment reported a net profit of US$3.4 million, compared with a loss of US$0.9 million in the prior quarter last year.
Midstream Refining business segment for the quarter reported a decline in net profit to US$3.8 million from US$12.7 million in the year ago period. The company's Midstream Liquefaction segment posted a net loss of US$2.5 million for the quarter.

Gross margin for the quarter edged up to US$23.10 million from US$14.17 million in the same quarter last year, mainly due to the positive effect of product price movements as applied to the inventory sold during the period.

For the nine months ended, net income was US$19.97 million or US$0.51 per share, down from US$22.43 million or US$0.59 per share last year. Year-to-date revenue declined to US$483.75 million from US$701.15 million in the prior year.

IOC closed Wednesday's regular trading at $46.69, down $1.26 or 2.63% on a volume of 0.78 million shares and in after hours its trading up $1.26 or 2.70% at $47.95 on the NYSE.

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by RTT Staff Writer

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