Pre-tax profit up at Indus Gas

Pre-tax profit rose to 0.60m dollars in the six months to September 30th at Indus Gas, compared to a loss of 0.82m dollars in the corresponding period last year, according to the group's interim results published on Thursday.

Total assets also rose to $305.56m from $217.31m in September 2011. Consolidated revenues and operating profits were $2.95m and $1.27m respectively for the six-month period.

As of the September 30th, the group had outstanding bank debt of $127.82m. The outstanding loan from related parties, Gynia Holdings Ltd. & Focus Energy Ltd. increased to $113.09m at the end of the period.

Based on expected ongoing gas sales and financial support commitment from Gynia Holdings Limited, the group said it is expected to meet all its financials obligations for next 12 months.

The group commented: "Following the successful ramp up to 33.5 mmscf/d [million standard cubic feet per day] on the contracted sales level we are now considering additional gas sales and the opening up of a second gas monetisation route.

"We understand that RRVUNL, the State Electricity company in Rajasthan, has sanctioned or has plans to install additional generation capacity beyond the next planned 160MW expansion. We continue to focus on growing production and revenues, while also exploring the additional potential of the Block which we plan to exploit under the Petroleum Mining Lease."

The group, which is engaged in oil and gas production, operates in India through its subsidiaries iServices and Newbury. It has a market capitalisaation of £2,002.91m and owns an aggregate 90% interest in a petroleum development. Focus energy owns the remaining 10% interest.

MF