Santos boosts half year to $Aust55.2M

Press, 24 September 1987, Page 28

Santos boosts half year to $Aust55.2M

NZPA-AAP Adelaide Oil and gas producer, Santos, has lifted net profit for the six months ended June 30 to sAustss.2 million (SNZ63.4M) from 541.5 M (547.7 M The company said the increase in results was due to improved operating profit arising from an upturn in condensate and crude oil prices, increased natural gas prices and the contribution to revenues from corporate acquisitions. Directors increased the dividend to 9c from 7c. Turnover increased 16.5 per cent to $254.8M ($292.8M) from 5218.73 M

(5251.4 M The period was a busy one for Santos, with the company acquiring 76.8 per cent of Vamgas, Ltd, through a takeover, 19.9 per cent of Worldwide Assets, Ltd, and the whole of the issued share capital of Total Exploration Australia Pty, Ltd.

Santos increased its sales of crude oil to 4.59 M barrels from 3.84 M and condensate to 1.22 M barrels from 1.21 M. Santos chairman, Sir Brian Massy-Greene, said Santos’s net profit after tax and extraordinaries of 551.9 M ($59.6M) was a record interim result. “However, the company

has not fully recovered from the severe effects of the oil price collapse during 1986 and further price increases are necessary for Santos to benefit properly from the very large investments in recent years,” he said. He said that Santos’s exploration successes during the year had been encouraging, and because a large part of the exploration programme will be in the second half of the year, further successes are expected. “The short-term outlook is encouraging although oil prices will continue to have a significant impact on results,” he said.