Genel Energy posts 15 pct rise in core profit

LONDON

The London-based and northern Iraq-focused oil explorer and producer Genel Energy Plc reported a 15 percent rise in first-half core profit, helped by an increase in its production capacity. 

Genel said production rose 41 percent to 88,800 barrels of oil equivalent per day (boepd) from its key fields in the autonomous Kurdistan Regional Government (KRG) territories of Iraq. 

Still, its pretax profit more than halved in the first half of the year, it said Aug. 6. The fall in profit was caused by a large rise in depreciation against its assets of $90.4 million compared to only $63.1 million a year earlier. It also booked $12.1 million of exploration expenditure in the period.

Revenue rose slightly by 3.7 percent to $199.3 million.   

Genel had its “buy” rating restated by analysts at Citigroup Inc. in a report issued to investors Aug. 5.