It has just released it’s first quarter figures, which show substantial improvement on basically all metrics, as we expected. Compared to Q1 2007:
- revenue increased to 192,414M from 126.896M
- EBIDTA increased to 7,136M from 3,102M
- net loss decreased to 2,397M from 5,354M
- net loss per share decreased to 0.08 from 0.18
- cash flow from operations turned positive to 6,998M from (4,973M)
- throughput of the refinery increased to 21,959 barrels per operating day compared with 18,448 bbls per operating day in the same quarter of the prior year.
Margins have improved (obviously) and they expect further improvements:
The reduced net loss was primarily due to an improvement in margins, increased domestic demand and decreased exploration costs in Papua New Guinea,” stated Mr Collin Visaggio, the Chief Financial Officer of InterOil Corporation. “We believe that the refining and distribution segments will continue to show improvements in cash flows in the coming quarters.”
They are also paying towards Liquid Niugini, the company which (together with Merrill Lynch and Clarion Finanz) they have a 1/3 stake in. However:
The Midstream liquefaction loss of $1.7 million is consolidated into Company results, however, no further cash injections are required to be made by the Company until a total of $200.0 million has been contributed by the other joint venture partners to equalize their shareholding in the joint venture company.
In conclusion, we can say, a pretty good quarter, steady improvements. We especially like positive cash-flow in this quarter.