EDINBURGH (dpa-AFX) - Capricorn Energy Plc (CNE.L), an oil and gas firm, on Tuesday posted a turnaround to profit for the first-half, that reflected an increase in the fair value of earn-out consideration, and a rise in revenues.
For the six month period to June, the UK-based company posted a profit of $47.4 million or 11.38 cents per share, compared with a loss of $100.2 million or 20.10 cents per share a year ago.
Loss from continuing operations was at $73.5 million as against last year's $87.4 million loss.
Profit from discontinued operations stood at $120.9 million, versus a loss of $12.8 million posted for the first-half of 2021.
'The increase in the fair value of earn out consideration due on the UK assets sold in 2021 led to a profit of $120.9 million over the period,' the company said in a statement.
The energy firm's pre-tax loss from continuing operations narrowed to $48.7 million from previous year's $87.4 million.
Operating loss totaled at $37.3 million, less than $47.4 million loss reported for the same period last year.
Capricorn Energy generated revenues of $137.4 million, compared with $0.5 million, on year-on-year basis.
Looking ahead, for the fiscal 2022, the company expects net capital expenditure of $175 million to $195 million.
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