Beach Energy’s (ASX:BPT) net profit has declined from $577 million last financial year to $501 million this year.
Sales revenue was $1.65 billion down from 1.93 billion for the same period last year.
The company has maintained its final dividend despite oil prices spiralling downwards during April.
Managine Director Matt Kay said “In a year like no other, FY20 demonstrated the resilience of the Beach business,” He said. “Our net cash balance sheet position, high margin oil business, stable gas revenues and dedicated staff delivered a strong full year result despite the choppy waters that confronted us in the second half of FY20.
Shares in Beach Energy (ASX:BPT) are trading 6.44 per cent higher at $1.57.