Greka Drilling's annual revenues climb

Greka Drilling reported a 39 per cent increase in 2012 revenues following a strong operational performance for the year.

Greka Drilling reported a 39 per cent increase in 2012 revenues following a strong operational performance for the year.

The China-focused oil and gas driller posted revenues of $60.9m for the year ended December 31st, up from $43.8m the previous year.

Total assets grew by $25.7m to $114.m, a 29% jump year-on-year.

During the year, the company drilled 90 wells at a total of 147,126 metres compared to 50 at 88,224 metres in 2011.

However pre-tax profits fell $4.7m from $4.6m the year before due to higher administrative expenses as total headcount rose to 665 from 520 to support a rig fleet increase to 32.

"I am delighted to report that we have continued to grow the business on time and within plan," said Chairman and Chief Executive, Randepp Grewal.

"For the full year we have increased revenues, evaluated many unconventional basins in China, India and South East Asia."

The company anticipates profitable growth in China this year, complemented by expansion into India.

Greka also expects to establish the corporate headquarters in Singapore, to facilitate the growth outside China.

"We are concluding our discussions with several clients and expect to announce our expansion into India as the first step out from China within the widened Asian expansion plans," Grewal added.

Shares fell 7.62% to 24.25p at 09:44 Tuesday.

RD

Recommended

Persimmon yields 12.3%, but can you trust the company to deliver?
Share tips

Persimmon yields 12.3%, but can you trust the company to deliver?

With a dividend yield of 12.3%, Persimmon looks like a highly attractive prospect for income investors. But that sort of yield can also indicate compa…
1 Jul 2022
Don’t try to time the bottom – start buying good companies now
Investment strategy

Don’t try to time the bottom – start buying good companies now

Markets are having a rough time, so you may be tempted to wait to try to call the bottom and pick up some bargains. But that would be a mistake, says …
1 Jul 2022
Share tips of the week – 1 July
Share tips

Share tips of the week – 1 July

MoneyWeek’s comprehensive guide to the best of this week’s share tips from the rest of the UK's financial pages.
1 Jul 2022
Bunzl: boring is good for business
Share tips

Bunzl: boring is good for business

Food-service distribution company Bunzl is not a terribly exciting business, but it looks cheap and could be a great investment, says Rupert Hargreave…
30 Jun 2022

Most Popular

Five dividend stocks to beat inflation
Share tips

Five dividend stocks to beat inflation

During periods of high inflation, dividend stocks tend to do better than the wider market. Here, Rupert Hargreaves pick five dividend stocks for incom…
30 Jun 2022
Don’t try to time the bottom – start buying good companies now
Investment strategy

Don’t try to time the bottom – start buying good companies now

Markets are having a rough time, so you may be tempted to wait to try to call the bottom and pick up some bargains. But that would be a mistake, says …
1 Jul 2022
UK house prices are definitely cooling off – but are they heading for a fall?
House prices

UK house prices are definitely cooling off – but are they heading for a fall?

UK house prices hit a fresh high in June, but as interest rates start to rise, the market is cooling John Stepek assesses just how much of an effect h…
30 Jun 2022