British oil and gas company Tullow Oil Plc (TLW.L, TUWOY.PK, TUWLF.PK) posted an increase in pre-tax profit for the full year, with 2 percent growth in sales revenue on higher sales volumes.
For the year, profit from continuing activities before tax rose 4 percent to $1.116 billion from $1.073 billion a year ago.
However, profit from continuing activities after tax declined 3 percent to $666 million from last year's $689 million. Basic earnings per share was at 68.8 cents, down 5 percent from 72.5 cents last year.
Operating profit grew 5 percent to $1.2 billion from $1.1 billion. The increase was mainly due to increased sales volumes with the gain on the Uganda farm-down, largely offset by a significant increase in exploration cost write-offs and increased cost of sales.
Sales revenue grew by 2 percent to $2.344 billion from $2.304 billion a year ago.
In addition, the Board is proposing a final dividend of 8.0 pence per share, to be paid on May 16 to shareholders on the register on April 19.
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