25 Nov 2005

PNG's Interoil reports first net income

10:14 am on 25 November 2005

Papua New Guinea oil producer, Interoil, has announced its first-ever net income of US$4.3 million for the third quarter this year.

The figure represents a significant turnaround in earnings over the net loss of US$4.9 million in the same quarter last year.

The company also reported potential increased sales of diesel and savings by burning low sulfur waxy residue in lieu of diesel could increase revenue and profit from US$7 million to US$20 million annually.