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