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Senex bottom line takes a hit but earnings grow

Senex Energy has reported $25 million in underlying earnings for the half-year to December.

Feb 22, 2021, updated Feb 22, 2021
Senex has recommended acceptance of a POSCO takeover offer

Senex has recommended acceptance of a POSCO takeover offer

Its sales revenue for the half was up 239 per cent to $45 million and it will declare a 1 cent a share dividend (97 per cent franked) and an additional special dividend of .5 cents a share following the sale of its Cooper Basin assets.

Its statutory net profit was $100,000, down 94 per cent, and was affected by the $1.6 million loss on the sale of its Cooper Basin assets.

The average realised gas price was down 13 per cent.

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Managing director Ian Davies said the half-year had seen a material step-change in earnings and cash flow.

“Production in the Surat Basin now exceeds 50 terajoules a day, or more than 18 petajoules a year, and equivalent to around 10 per cent of Queensland’s natural gas demand with natural gas production in the half of 8 petajoules, exceeding total full year 2020 production, demonstrating the increase in gasfield production performance,” Davies said.

Its full-year guidance was for underlying EBITDA of between $50 million and $60 million.

 

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