Amadeus doubles earnings

PERTH-BASED oil producer Amadeus Petroleum NL — a relatively small operator in the United States oil patch — has chalked up a near million dollar net profit in the current financial year and considerably reduce its debt.

The company, which produces oil and gas from a number of properties in the US state of Texas, more than doubled its earnings before interest, tax, depreciation and amortisation to $2.7 million in the June 2000 year.

However, the inclusion of non-cash items resulted in an accounting loss of $474,000, a major improvement on the previous year’s loss of $1.76 million.