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Hunting Plc Slips To Loss In FY20 On Weak Revenues

Hunting Plc (HTG.L) reported fiscal 2020 revenue of $626.0 million compared to $960.0 million last year.

Underlying loss from operations amounted to $16.4 million compared to a profit of $94.3 million in the previous year. Reported loss from operations totaled $220 million versus a profit of $46.8 million reported a year ago.

On a per share basis, underlying loss was 10.0 cents compared to a profit of 43.9 cents last year. Reported loss per share was 143.2 cents versus 23.5 cents earnings per share in the previous year.

Jim Johnson, Chief Executive, said, "The early weeks of 2021 have seen a steady increase in a number of key market indicators, including a rising WTI oil price and improving rig count. This positive sentiment, if sustained, bodes well for the global energy industry for the coming months as operators seek stability across the sector to enable them to confirm new drilling programmes and capital investment. Supporting this sentiment is the availability of COVID-19 vaccines and the rollout of immunisation programmes across the World."

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