Cooper Energy swings to profit up from prior loss

Company News

by Jessica Amir

Oil and gas company Cooper Energy (ASX:COE) has reported a massive recovery with its net profit after tax (NPAT) hitting $19.8 million in the first half half of the 2018 financial year.

It’s a massive turnaround for the company which reported a loss of $8.2 million in the same period last year.

In more good news for Cooper Energy, its revenue strengthened over the first half of the 2018 financial year and lifted 302 per cent to $31 million.

Its underlying earnings before interest, tax, depreciation and amortisation (EBITDA) rose 433 per cent to $13 million, another huge swing up from the same time last year’s loss.

Shares in Cooper Energy (ASX:COE) are trading about 0.8 per cent higher to $0.32.

Jessica Amir

Finance News Network
Jessica joined FNN in January 2017 with a passion for equities and funds management. As Head of News, she has been a broadcast journalist for over seven years, specialising in finance. She has been a journalist with Sky News Business, ABC 1, ABC's The Business and ABC24. She’s also worked as a TV reporter for regional Channel 7 and 9. She also previously worked as a financial planner and real estate agent.