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Ithaca Energy PLC on Wednesday reported a surge in third quarter revenue but just a mild profit growth due to increased costs.
Pretax profit in the three months to September 30 grew 2.0% to $342.1 million from $335.3 million a year ago. Revenue jumped 98% to $663.0 million from $335.2 million.
However, impairment reversal gain plummeted to $7.3 million from $234.3 million and loss on financial instruments widened to $29.8 million from $1.5 million.
Administrative expenses increased to $21.1 million from $2.9 million, while net foreign exchange loss increased to $13.1 million from $1.6 million.
Cost of sales rose comparably mildly, by 16% to $264.8 million from $228.3 million.
Further, the company said it paid a $189 million in windfall tax, officially known as energy profits levy.
Ithaca said it produced 71,300 barrels of oil equivalent per day. It reiterated production guidance of 77,000 to 80,000 boe/d for the fourth quarter. For 2023, the firm expects production to be at around 72,000 to 80,000 boe/d.
Ithaca shares rose 2.4% to 184.30 pence each on Wednesday afternoon in London.
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