Nexus Energy Limited (ASX:NXS)
has produced a net profit of $17.5 million, a significant turnaround from last year’s loss of $342 million.
In the year to June 30, revenue from operations hit $52 million, down 36 per cent on year.
Operating profit came in at $18.6 million, up 28 per cent.
The company says its financial performance was impacted by a four month production outage and a number of non-recurring items.
Nexus CEO and Managing Director Lucio Della Martina says the company has repaid significant debt throughout the year and strengthened its balance sheet while delivering reduced costs ahead of budget.