Kris Energy in the black for Q2, thanks to gain from sale

UPSTREAM oil and gas company Kris Energy reported a net profit of US$9.6 million for the second quarter ended June 30, versus a loss of US$5.8 million for the corresponding period a year ago, lifted by other income.

Revenue fell nearly 48 per cent to US$11.65 million, due to the volatility in global oil prices. Meanwhile, earnings before interest, taxes, depreciation, amortisation and exploration expenses (Ebitdax) was US$21.7 million, or 94.3 per cent higher year on year.

Other income came to US$21.4 million, up from US$2.49 million previously, from a gain on sale.

Earnings per share were 0.9 US cent, versus a loss per share of 0.6 US cent previously.

For the six month period, net profit clocked US$55.94 million, compared to a loss of US$23.8 million. Ebitdax surged 47.3 per cent to US$31 million on the back of asset divestment and acquisitions. But revenue slumped 47 per cent to US$23.1 million.