Beach Expects Profit Slump As Floods, Downtime Crimp Output
June 25 2010 - 3:16AM
Dow Jones News
Beach Energy Ltd. (BPT.AU) on Friday forecast a substantial fall
in underlying full year profit after output was stymied by floods
in the Cooper Basin and unplanned downtime at the Basker Manta
Gummy operation offshore Victoria state.
The oil and gas company expects to post an underlying profit for
the year to June 30 of between A$30 million and A$40 million, down
from last year's normalized profit of A$64 million.
Bottom line profit will include a A$43 million payment from
Arrow Energy Ltd. (AOE.AU), brought to account in the current
financial year, if Arrow is bought by Shell and PetroChina as
planned, Beach said.
But more than offsetting that gain will be a A$64 million
write-off following unsuccessful exploration efforts.
"The specific financial effects of the Cooper Basin floods and
Basker Manta Gummy downtime are difficult to quantify, however
neither are currently expected to have a significant impact on the
2011 financial year results," Beach said in a statement.
Beach said it has over A$140 million in the bank.
-By Ross Kelly, Dow Jones Newswires; 61-2-8272-4692;
Ross.Kelly@dowjones.com
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