Interra Reports 16.7% Growth in Profit for 2Q

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Friday, 12 August 2011 21:34

Theindonesiatoday.com - SGX-listed Interra Resource generated a net profit after tax of US$0.42 million in the second quarter of 2011, grew 16.7% compared to US$0.36 million in first quarter of 2011, resulting in a net profit after tax of US$0.78 million for the six months ended 30 June 2011.

Revenue increased by 26% to US$6.00 million in Q2 of 2011, up from US$4.77 million in Q1 2011, largely due to higher Sumatran Light Crude (SLC) oil prices. The weighted average SLC oil price transacted in Q2 2011 was US$119.74 per barrel as compared to US$106.33 per barrel in Q1 2011. In addition, new revenue from the LS TAC based on transacted Walio Mix oil price of US$113.39 per barrel contributed US$0.44 million to the revenue in Q2 2011.

The Group's share of shareable production for Q2 of 2011 increased by 10% (7,036 barrels) to 74,426 barrels from 67,390 barrels for Q1 2011. This was due to higher production from Myanmar and LS TAC. The Group's sales of shareable oil increased by 12% (7,249 barrels) from 61,744 barrels in Q1 2011 to 68,993 barrels in Q2 2011, mainly due to the first uplifting of 4,952 barrels by LS TAC. Cost of production in Q2 2011 amounted to US$3.52 million, an increase of 26% as compared to the previous quarter.

This was largely due to higher overall direct operating cost which increased from US$2.11 million in Q1 2011 to US$2.82 million in Q2 2011. During Q2 2011, 5 payments were received in respect of the Myanmar trade receivables and 2 invoices remained outstanding as at the end of the quarter. As at the date of this announcement, the Group received a total of 11 payments (FY2010: 16 payments).

The Group had entered into an assignment agreement with PT Retco Prima Energy (RPE) to acquire RPE’s remaining 30% participating interest in the TMT TAC. Upon obtaining the approval from the relevant government agencies, the Group will own 100% and assume operatorship of TMT TAC. (ferdi@theindonesiatoday.com)

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