Melrose owner returns to profit after ‘transformational’ year
The exploration and production company, which is focused on the Black Sea, Mediterranean, Middle East and North Africa, posted a profit before exploration costs of $4 million (£2.6m) for 2012, compared with a loss of $6.4m the previous year.
Once one-off merger-related costs, exploration write-offs and finance expenses were taken into account, Petroceltic ran up a pre-tax loss of $6.7m, down from $8.2m in 2011.
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Hide AdChairman Robert Adair said: “Petroceltic has fundamentally transformed its business over the past year. The merger with Melrose in October 2012 … has produced a company with stable finances and excellent growth prospects.”