Amadeus doubles earnings
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Tuesday, 12 September, 2000 - 21:00
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.
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.