News: Pacific Energy profit down, maintains dividend

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Pacific Energy Limited (ASX:PEA) has produced half year revenue of $23 million, an 8 per cent drop on the same period last year. 
 

Net profit came in at $7 million, down 16 per cent on the previous corresponding period. 
 

Managing Director Adam Boyd claimed it was a solid result due to the challenges faced in the resources sector. Mr Boyd asserted that despite the fact that earnings were lower than the record performance of 12 months ago, the company’s core business Kalgoorlie Power Systems was performing robustly in a subdued environment. 
 

Looking ahead Pacific Energy has revised its full year guidance $1 million lower to between $32 million and $34 million dollars. The company maintained its interim dividend of 1 cent per share fully franked.