InterOil Corporation has announced a $US9.4-million operating profit for the quarter ending 30th. June 2009.
Chief Financial Officer Collin Visaggio says the result is “most encouraging” given the state of the world economy.
“Commodity prices eased during the period and this has had a negative effect on businesses such as ours.
“So to post a profit against this background is particularly satisfying”, he said.
“On this basis we are confident of a strong and vibrant future for all segments of our business.”
The company’s debt-to-capital ratio underwent a dramatic improvement during the quarter.
“It now stands at a very healthy 13%, compared to 43% in the same quarter of 2008”, Mr Visaggio said.
“This gives us a great base to work from and will help ensure our strength, particularly in these difficult economic times.”
InterOil’s midstream refining business segment posted a $US9.6-million profit for the period on a refinery throughput of 21,574 barrels per day (average).
The midstream liquefaction segment had a $US1.8-million loss which was InterOil’s share of expenses incurred in the PNG LNG joint venture project.
“These expenses are a necessary investment in the future of not only our company but also of the entire nation”, Mr Visaggio said.
Downstream (distribution) returned a $US1.7-million profit on a total sales volume of refined product of 140-million litres.
The downstream profit was about half that for the June quarter 2008 and reflected the worldwide decline in commodity prices.
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