Beach Energy Ltd
(ASX:BPT) has recorded an 87 per cent drop in net profit to $33.4 million for the year to 30 June, it says an impressive result considering the operational difficulties encountered this year.
Revenue dropped 16 per cent to $487.5 million for the period largely as a result of flooding in the Cooper Basin and the divestment of the Tipton West project.
The oil and gas explorer says however that it is well placed for future growth, posting a 25 per cent increase in cash at the end of the year, up to $170 million.
Managing Director Reg Nelson says Beach Energy’s first priority in the year gone was to ensure stability of earnings, which has been achieved through maintaining solid production levels from existing reserves while accelerating the development of the Cooper Basin.
A partially franked final dividend of one cent per share has been declared.
Beach Energy reported a profit of $260 million for the year to 30 June 2009.
