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Beach Energy suffers $79m loss

Feb 23, 2015
A Beach Energy exploration well.

A Beach Energy exploration well.

Oil and gas business Beach Energy has suffered a $79 million half year loss after sliding prices hurt revenue and forced it to write down the value of its assets.

Adelaide-based Beach Energy’s net loss for the six months to December 31, down from a net profit of $160.5 million a year ago.

Sales revenue was down 23 per cent to $427 million, while underlying profit, which excludes one-offs, fell by more than half to $72.4 million.

The company earlier this month announced $166 million in asset writedowns as a result of the oil price slide.

The result came after Friday’s announcement that South Australian resources giant Santos had posted a $935 million full year net loss.

The loss compares to a net profit of $516 million a year ago and was weighed down by $1.6 billion in asset writedowns.

In its full year results today, Santos revealed it had frozen recruitment and “removed 520 positions to date”.

– AAP

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