Shares in Cue Energy Resources Limited
(ASX:CUE) rose yesterday, even though the oil and gas explorer posted a 30.5 per cent fall in its annual net profit.
In the 2011 financial year net profit came in at $19.1 million, dragged down by impairment charges on exploration write-offs, oil hedge expenses and the impact of a strong Australia dollar.
Cue Energy describes the year as one of consolidation, following on the development and first oil production from its Maari oil field in New Zealand.
While production declined over the year Cue says the fall was largely offset by the increase in oil price, with the gross profit from production similar to the year before.
Shares in Cue Energy Resources finished 4.35 per cent higher yesterday at $0.24.
