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Cooper Energy Announces FY 2019 First Half Results

11 Feb 2019  |  09:58:00  |  Associate analysts  |  Increase  |  Decrease  |  

Original announcement: FY19 First Half - gas sales drive growth

Cooper Energy announced a statutory loss of $12.6m after incurring items of $(15.7m) for the six months to December 2018 (FY 2019 first half). The result compares with the FY 2018 first half statutory profit of $19.8m, which included important items totalling a gain of $17.6m. The important items in the FY 2019 first half principally comprise a $16.5m increase in restoration expense arising from reassessment of provisioning for the rehabilitation of the non-producing Patricia Baleen gas field. Underlying profit after tax for the six months to December rose 41% to $3.1m compared with $2.2m. Underlying EBITDA of $13.8m for the half-year was 6% higher than $13.0m recorded in the previous first half. The gas sales revenue is up 32%.

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