Circle Oil posts first ever gross profit of €6m
Published 22/06/2010 | 05:00
LIMERICK-based Circle Oil has made its first ever gross profit, according to results published yesterday.
The explorer's fortunes have improved since it began oil production in Egypt and continued to produce gas in Morocco.
Sales totalled $15.1m (€12.2m) in 2009 and the company posted a gross profit of $7.4m (€6m).
Despite this, Circle posted a post-tax loss of $13.5m, up from $10.7m the previous year.
The AIM-listed exploration company, which is also searching for oil in Namibia and Oman, was founded by the late David Hough, who was one of the legends in the Irish exploration sector.
The company plans to continue searching for oil this year, chairman Thomas Anderson said yesterday.
"2009 was another year of excellent progress on the financial front," Mr Anderson added.
"I said in last year's annual report that I was looking to the future with confidence and enthusiasm and I am even more convinced today that Circle can deliver on its promise of accelerated growth."
Shares in Circle Oil closed up 2.3pc at 34p in London yesterday.