LONDON (Alliance News) - Russia-focused oil producer Exillion Energy PLC Friday saw profit rise in the half-year to the end of June, despite seeing lower revenues, as it cut down on operating costs.
Oil production rose 14% to 3.22 million barrels from 2.83 million, or 17,801 barrels of oil per day compared to 15,621 barrels of oil per day.
Exillion Energy posted a pretax profit of USD30.0 million, up from USD11.6 million the year before, despite seeing revenue decline to USD148.2 million from USD161.6 million, as its selling expenses dropped, and it lowered administrative costs.
The company said that the decline in revenue was as a result of changes to its sales mix. In the first-half, 100% of its crude oil was sold through its domestic market.
The company ended the period with USD124.8 million of cash and cash equivalents with outstanding borrowings of USD84.8 million.
Shares in Exillion were trading up 0.5% at 157.75 pence Friday afternoon.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
Copyright 2014 Alliance News Limited. All Rights Reserved.
