The company reported a net profit of US$2.6-million for the three months ended 31st March 2009.
It represents a $US5.0-million improvement over the equivalent period for 2008, when a loss was recorded.
The strongest part of its operation was the midstream refinery segment which posted a net profit of $US10.3-million.
Chief financial officer Collin Visaggio says this is up from a $US0.2-million profit in the equivalent period of 2008.
“It represents a dramatic improvement in our refinery’s results and one that gives us greater confidence in its future viability,” he said.
He cited an improved naphtha premium and gains on hedge account transactions as among the main reasons for the improvement.
The average refinery run rate of almost 19,000 barrels per day during the period of which more than 11,000 barrels were for domestic sales.
The company’s midstream liquefaction segment recorded a net loss of $US2.6-million reflecting 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.
“In many ways it is the most exciting part of our business and one which, in time to come, may yield outstanding results.”
InterOil’s downstream segment posted a net profit of $US1.0-million while its upstream segment had a net loss of $US2.1-million.
The company’s debt-to-capital ratio also underwent a dramatic improvement during the past 12 months.
“It now stands at a very healthy 34%, compared to 68% 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.”
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Senior Manager Media Relations InterOil Corporation
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