LONDON – Indus Gasoline Restricted (AIM: INDI), an oil and fuel firm centered on exploration and improvement, has revealed its amended half-year monetary outcomes, correcting beforehand omitted legal responsibility tables. The interim report for the six-month interval ending September 30, 2024 reveals a notable decline in income and revenue in comparison with the earlier 12 months.
The corporate reported adjusted income of US$2.34 million, down sharply from US$26.18 million in the identical interval of 2023. Working revenue and revenue earlier than tax had been additionally dropped to US$1.24 million every, from US$22.61 million and US$22.63 million. million, respectively, in the course of the interim interval of 2023.
Indus continues to provision a notional deferred tax legal responsibility of US$0.61 million, which is considerably decrease than the US$9.88 million acknowledged within the interim 2023 interval.
The corporate’s fuel manufacturing comes from the SGL, SSF and SSG fields, and all manufacturing is presently bought to GAIL, the state-owned fuel authority of India. Nonetheless, since February 2024, there was a discount in fuel withdrawals by GAIL because of the upkeep of a fuel turbine on the finish buyer.
At current, Indus continues to be experiencing disruptions within the quantity of fuel provided resulting from ongoing upkeep points. The corporate anticipates that it could search extra exterior or shareholder financing within the close to future if obligatory.
As per the revised home fuel value tips efficient from April 8, 2023, the sale value of fuel is mounted at 10% of the month-to-month common of the Indian crude basket, as notified month-to-month by the PPAC. Through the interval ending September 2024, the fuel gross sales value assorted from a excessive of US$8.90 per MMBTU to a low of US$7.85 per MMBTU.
Jonathan Keeling, Chairman of Indus Gasoline, expressed the corporate’s efforts to extend fuel offtakes with GAIL via the operator.
This monetary replace relies on a press launch from Indus Gasoline Restricted.
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