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Beach Energy posts profit turnaround

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Adelaide-based oil and gas producer Beach Energy has posted a profit turnaround of more than $900 million.

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Beach announced today that record production and sales volumes, moderately higher oil prices and reduced operating costs had helped it record a net profit after tax of $388 million in 2016-17.

The result is a huge turnaround on the $589 million loss after tax recorded by the company in 2015-16.

Beach increased production during the year by 9 per cent and boosted sales revenue by 16 per cent, with realised oil prices rising by 13 per cent.

CEO Matt Kay said the company was in a “robust funding position” with net cash of $198 million and available liquidity of $698 million.

“This will enable us to continue to invest in growth,” he said in a statement.

Beach will increase its final dividend to one cent per share, fully franked (up from half a cent in the previous corresponding period). This lifts the full year dividend to two cents, fully franked.

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