Nexus posts $21m profit, coy on future
February 26, 2010
Nexus Energy Limited (NXS) posted a six-month profit of $21 million to the end of 31 December 2009 against a $68 million loss in the previous corresponding period. Surprisingly however, the company declined to forecast any results for the next six months or any other prospects, saying that the “directors believe, on reasonable grounds, that the inclusion of such information would be likely to result in unreasonable prejudice to the consolidated Group.”
The company did make a small concession, saying their capacity for new ventures was ‘limited’ anyway.
Looking at the results for the six months, sales revenue from the Longtom project came in at $9 million, while expenses incured around entitlements flowing from redundancies and other staff cost-cutting was $7 million.
Meanwhile, reviewing operations, the company said it had completed the development of the Longtom gas project in the Gippsland Basin, in the waters off Victoria.
”The Longtom gas project is expected to provide Nexus with stable cash flow over the next ten plus years on the back of a Gas Sales Agreement to supply Santos Limited (Santos) 350 PJ of gas,” the company said.
The board said it would not pay an interim dividend.
At 1531 AEDT, Nexus Energy shares were flat at 23c.
The company did make a small concession, saying their capacity for new ventures was ‘limited’ anyway.
Looking at the results for the six months, sales revenue from the Longtom project came in at $9 million, while expenses incured around entitlements flowing from redundancies and other staff cost-cutting was $7 million.
Meanwhile, reviewing operations, the company said it had completed the development of the Longtom gas project in the Gippsland Basin, in the waters off Victoria.
”The Longtom gas project is expected to provide Nexus with stable cash flow over the next ten plus years on the back of a Gas Sales Agreement to supply Santos Limited (Santos) 350 PJ of gas,” the company said.
The board said it would not pay an interim dividend.
At 1531 AEDT, Nexus Energy shares were flat at 23c.
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