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Arrow forecasts record earnings

The Sydney Morning Herald

Arrow forecasts record earnings

August 25, 2008 – 11:29AM

Coal seam gas producer Arrow Energy Ltd has forecast record earnings for this year after delivering a rise in annual profit for 2007/08.

Net profit during the 12 months to June 30 climbed 100.9 per cent higher on the corresponding period in 2006/07 to $37.16 million after an increase in gas and electricity sales and prices.

Arrow Energy chief executive Nick Davies said the company was poised for “another record year” in financial 2009 and was well positioned to build on the firm base it had created.

The company in June signed a $776 million deal with Royal Dutch Shell to commercialise its vast coal seam gas reserves through a proposed liquefied natural gas (LNG) development in Queensland.

Revenue during the 12 months to June 30 climbed 228.7 per cent higher on the corresponding period in 2006/07 to $91.61 million.

“Much of this margin growth is due to our exposure to the downstream electricity market, through our throughput ownership of the Daandine and Townsville Power Stations, where prices have been very strong,” Mr Davies said.

Arrow shares were steady at $3.18 by 1101 AEST.

© 2008 AAP

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