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Forbes / AFX News: Australia’s Woodside’s H1 net profit up 16.3 percent, aided by one-off gains

08.21.07, 10:42 PM ET
 
SYDNEY (Thomson Financial) – Australia’s largest producer of oil and gas, Woodside Petroleum Ltd, reported Wednesday first-half net profit of 610.1 million Australian dollars, 16.3 percent more than a year earlier, aided by one-offs including gains on the sale of its Legendre assets.

The Royal Dutch Shell (nyse: RDSA – news – people ) group owns 34 percent of Woodside.

Woodside said its underlying net profit for the first half, excluding all one-offs, was 545.5 million dollars.

Its revenue was 19.2 percent higher at 1.9 billion dollars.

Woodside said it would pay a interim dividend of 49 cents, the same as it paid a year ago.

The company said the increase in its net profit had been driven by higher production and higher sales volumes, but that it had been hindered by the stronger Australian dollar and higher depreciation charges.

The company produced 35.0 million barrels of oil equivalent in the first half, up 17.1 percent.

It reiterated its forecast of output for 2007 of 72-78 million barrels of oil equivalent.

(1 US dollar = 1.25 Australian dollars)

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Copyright AFX News Limited 2007. All rights reserved.

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