Ithaca buoyed by strong second quarter
Ithaca Energy, the North Sea focused oil and gas company, reported a big jump in profits in the first half of the year on increased oil sales.
Ithaca Energy, the North Sea focused oil and gas company, reported a big jump in profits in the first half of the year on increased oil sales.
The firm said pre-tax profits came in at $35.5m, up from $10m in the first half of 2011.
Revenue increased by $28.5m over the period to $76.3m, resulting in half yearly earnings per share of 20c, up from just 3c the previous year.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE

Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Ithaca was boosted by a strong second quarter, which saw oil sales volumes increase primarily due to the start of production from its Athena field and the inclusion of Cook and Broom liftings, which it acquired in the second half of 2011.
"This movement mainly comprises an increase in oil sales volumes, partially offset by a reduction in gas sales and a decrease in average realized oil prices," the firm said.
The decrease in gas sales in the period was due to a reduction in gas volumes at its Anglia and Topaz sites, partially offset by the addition of Cook gas sales, it added.
Sign up for MoneyWeek's newsletters
Get the latest financial news, insights and expert analysis from our award-winning MoneyWeek team, to help you understand what really matters when it comes to your finances.
-
8 of the best houses for sale with annexes
The best houses with annexes – from a period property in the Lake District to a 13th-century house with a two-bedroom annexe in Saltwood, Kent
By Natasha Langan Published
-
Zelenskyy moves to appease Donald Trump – what happens now?
Ukraine’s president Volodymyr Zelenskyy is conceding ground to secure the least-worst deal possible, says Emily Hohler
By Emily Hohler Published