(Alliance News) - Ithaca Energy PLC on Wednesday reported a surge in third quarter revenue but just a mild profit growth due to increased costs.
Pretax profit in the three months to September 30 grew 2.0% to USD342.1 million from USD335.3 million a year ago. Revenue jumped 98% to USD663.0 million from USD335.2 million.
However, impairment reversal gain plummeted to USD7.3 million from USD234.3 million and loss on financial instruments widened to USD29.8 million from USD1.5 million.
Administrative expenses increased to USD21.1 million from USD2.9 million, while net foreign exchange loss increased to USD13.1 million from USD1.6 million.
Cost of sales rose comparably mildly, by 16% to USD264.8 million from USD228.3 million.
Further, the company said it paid a USD189 million in windfall tax, officially known as energy profits levy.
Ithaca said it produced 71,300 barrels of oil equivalent per day. It reiterated production guidance of 77,000 to 80,000 boe/d for the fourth quarter. For 2023, the firm expects production to be at around 72,000 to 80,000 boe/d.
Ithaca shares rose 2.4% to 184.30 pence each on Wednesday afternoon in London.
By Tom Budszus; tombudszus@alliancenews.com
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