Leading Australian integrated energy company Arrow Energy (AOE) announced a $241.3 million net profit after tax for the half year ended 31 December 2008. The company’s strong performance was underpinned by its transaction with Royal Dutch Shell which saw the oil giant pay A$319 million during December 2008 as part payment for a 30% share of Arrow’s interests in all of its Australian upstream tenements.
Excluding non-operating items which includes the Shell deal, total revenue was $48.2 million, up 71% on the comparative prior half year. Arrow’s cash on hand at year end was $297 million which has subsequently increased to over $550 million since the completion of the Shell transaction earlier this month.
Arrow Chief Executive Officer and Managing Director, Mr Nick Davies, said “Challenging economic conditions over the past six months made the company’s first half performance particularly impressive.”
http://www.arrowenergy.com.au/page/Investor_Relations/ASX_Announcements/
Tags: AOE, Arrow Energy, profit increase, Record Profit
