Highlights of the results for the year ended 30 June 2011 include: ? Net profit, under IFRS, after income tax expense of $47.3 million compared to a net profit after income tax benefit of $0.8 million in the prior year. ? Net profit, under US GAAP, after income tax expense of $54.1 million compared to a net loss after income tax benefit of $24.1 million in the prior year. ? A 225% increase in gross profit, under IFRS, (excluding discontinued operations) from $0.8 million for the year ended 30 June 2010 to $2.6 million for the year ended 30 June 2011. ? A 200% increase in gross profit, under US GAAP, (excluding discontinued operations) from $0.8 million for the year ended 30 June 2010 to $2.4 million for the year ended 30 June 2011 ? Increase in net assets, under IFRS, from $25.1 million as at 30 June 2010 to $76.5 million as at 30 June 2011. ? Increase in net assets, under US GAAP, from $18.9 million as at 30 June 2010 to $77.9 million as at 30 June 2011. ? Increase in cash and cash equivalents, under both IFRS and US GAAP, from $5.8 million as at 30 June 2010 to $58.4 million as at 30 June 2011. ? Decrease in borrowings, under both IFRS and US GAAP, from $11.3 million as at 30 June 2010 to nil as at 30 June 2011 ? A 109% increase in oil production from 30,719 barrels in the prior year to 64,405 barrels for the current year. Gas production decreased 36% from 668,000 mcf of gas in the prior year to 423,000 mcf in the current year, following the sale of the Company's interest in the Jonah and Lookout Wash properties.
SSN Price at posting:
12.0¢ Sentiment: LT Buy Disclosure: Held
