InterOil Corp. (IOC) Monday reported a drop in profit for the first quarter, hurt mainly by some weak performances at the Midstream and Downstream segments.
InterOil reported first-quarter profit of $4.03 million or $0.08 per share, down from $9.03 million or $0.19 per share last year.
The upstream segment reported a net loss of $13.8 million for the quarter, narrower than $17.2 million last year, while midstream liquefaction segment's loss was $0.7 million compared $2.0 million.
Midstream refining segment profit dropped to $5.9 million from $11.3 million last year. Downstream segment profit slipped to $6.0 million from $13.2 million last year.
Revenues for the quarter increased to $350.3 million from $338.2 million last year, due primarily to higher sales volumes.
The total volume of all products sold by the company rose to 2.4 million barrels from 2.2 million barrels last year.
IOC closed Monday's trading at $77.93,, up $1.49 or 1.95%, on the NYSE.
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