Ross Kelly | August 26, 2009 Article from: Dow Jones Newswires
ARROW Energy posted a substantial rise in full-year profit today after selling coal seam gas assets to Royal Dutch Shell.
Net profit surged to $366.9 million from $37.2m a year earlier. Arrow sold 30 per cent of its local and 10 per cent of its international coal seam gas assets to Shell.
Arrow did not provide an underlying net profit figure that excluded proceeds from the asset sales.
It said underlying earnings before interest, tax, depreciation and amortisation rose 13 per cent to $59.6m. Revenue rose to $112.3m, from $91.6m in fiscal 2008.
Arrow said it was on track to make a final investment decision on the upstream component of the Fisherman's Landing LNG plant at Gladstone in the first quarter of 2010.
The company building the project, Liquefied Natural Gas Ltd, is targeting a final decision on the downstream component in December.
AOE Price at posting:
$4.68 Sentiment: Hold Disclosure: Held
