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Resources investor Riverstone Energy swung to a first-half profit, underpinned by gains in the value of its investment portfolio.
Net profit for the six months through June amounted to $198.1 million, compared to year-on-year losses of $355.2 million.
The company's net asset value per share increased to $9.46, or £6.83, up from $6.20 ,or £4.55.
'The recovery in commodity prices that we saw in the first quarter has continued into the second quarter,' chairman Richard Hayden said.
'However, the pace of the global recovery from the pandemic remains uneven.'
'Continued uncertainty means that, despite a recovery in global commodity prices, Riverstone has adopted a cautious approach.'
'Our focus remains on cost control and maintaining our liquidity, providing Riverstone with the resilience to see through this period of global turbulence and volatility.'
'But it also positions our portfolio to take advantage of the recovery and to invest in the energy transition as we seek to diversify away from assets that are sensitive to commodity price volatility.'