WOODSIDE has reported a first half after tax net profit of $724.6 million. This is a marked improvement on its first-half result of 2003 of $272.2 million.
The company has announced a 27 cent a share fully franked interim dividend.
However, this year’s first half result includes the significant item of the $373.6 million post-tax profit on the sale of a 40 per cent interest in the Enfield oil project and permit WA-271-P.
The underlying net profit after tax but before significant items of $351 million for the first half was up 29 per cent on the corresponding period in 2003.
The profit growth was achieved despite revenues from oil and gas operations falling 11 per cent in the 2003 first half to $994.4 million.
Sales volumes were also down 9.6 per cent with lower sales volumes in all products offset marginally by the introduction of volumes from the Ohanet project in Algeria which came into production at the end of October 2003.
During the period the US dollar realised oil price rose 22 per cent to $US35.04 a barrel but the 19 per cent hike in the average Australia to US dollar exchange rate to around 73 cents ate up much of the oil price benefits.
Woodside produced 28 million barrels of oil, nearly 9 per cent less than in the corresponding 2003 first half.
Great Southern’s 125 per cent growth
