Novus year net loss A$33.97 mln
Thursday, March 13 2003 - 01:52 AM WIB
Novus said it recorded an annual operating profit, excluding A$66.7 million in writedowns, of A$21 million -- down 36 percent on a year earlier as lower production, due to asset sales, and a stronger Australian dollar offset a firmer oil price.
The operating profit was in line with analysts expectations, which averaged A$19.3 million within a range of A$18 million to A$23.6 million, according to Multex Global Estimates.
The bulk of the company's write-offs represented the carrying value of gas discoveries in Indonesia and Pakistan, which Novus believed would be difficult to commercialise.
The A$33.97 million full-year loss compared with a profit of A$4.05 million a year ago.
"Novus' production profile going forward should be stable and if strong commodity prices prevail it wouldn't surprise me if our current asset base delivers improved bottom line performance," Novus' Managing Director Bob Williams said in a statement.
Novus remained in a strong position to fund its current exploration program and was looking for further exploration and acquisition opportunities.
Shares in Novus, which reached a record high of A$5.24 in September 1997, closed on Wednesday at A$1.09. ($1=A$1.67 (*)