Echo Energy PLC - Latin American focused upstream oil & gas company - Revenue for 2020 surges to USD11.1 million from USD2.6 million in 2019, though pretax loss widens to USD15.3 million from USD10.0 million.
Cost of sales rise to USD13.4 million from USD3.1 million, leaving gross profit for 2020 at USD2.3 million versus USD541,473 year before. Meanwhile, financial expense nearly doubles to USD10.2 million from USD5.8 million.
2020 marked first full year of operations at the Santa Cruz Sur assets following the successful integration of the acquisition completed in November 2019.
"With its strong asset base and improved financial flexibility Echo is now very well placed to benefit from an active operational programme and is highly leveraged to improving economic and market conditions," firm says.
Notes that 2021 has seen a markedly improved market environment after the volatility of 2020.
Current stock price: 1.02 pence
Year-to-date date: up 88%
By Lucy Heming;Â lucyheming@alliancenews.com
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Echo Energy (ECHO)