LONDON (Alliance News) - Exillon Energy PLC Tuesday said its pretax profit more than doubled in its full year as production jumped during the period.
The Russian oil producer said its pretax profit increased to USD38.9 million from USD17.5 million the previous year as revenues increased 6.5% to USD321.5 million from USD301.9 million in 2012.
The company said revenue increased as production rose 28% to 6.0 million barrels of oil per day from 4.7 million barrels, and it achieved an average of 18,731 barrels per day during December.
Exillon also said that despite its cost of sales increasing 24% to USD183.5 million from USD147.6 million the previous year, its selling expenses fell 38% to USD66.6 million from USD106.8 million in 2012.
The company said that it is now considering secondary listing on the MICEX stock exchange in Moscow to facilitate investment by Russian investors, but said London will remain its primary listing location.
In December, Exillon said it had decided to terminate a formal sale process it had started in September. At the time the company said two major Russian businesses were competing to make a possible offer, and it said would continue to work on delivering an offer for the entire issued share capital of the company outside the framework of the formal sale process.
Exillon shares were up 4.9% to 156.25 pence Tuesday.
By Tom McIvor; tommcivor@alliancenews.com; @TomMcIvor1
Copyright © 2014 Alliance News Limited. All Rights Reserved.