Santos Ltd
(ASX:STO) has reported a 94 per cent lift in half year net profit to $198 million, for the six months to 30 June.
The gas producer says profit was up due to higher product prices and lower exploration expense, partly offset by asset impairments of $25 million after tax.
Underlying net profit of $210 million was up 121 per cent on the same period last year.
Santos says lower first half production however, was largely due to wet weather and flooding in Central Australia, affecting the Cooper Basin operations.
High commodity prices increased sales revenue by 7 per cent, driving sales up to $1.1 billion.
CEO David Knox says Santos is well positioned for future growth, with the focus remaining on advancing its Gladstone LNG project to a final investment decision this year, as well as delivering safe and profitable production from its base businesses in Australia and Asia.
An interim dividend of 22 cents per share fully franked has been declared, unchanged from the year before.
Santos recorded a profit of $434 million for the year to 30 December 2009.
