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28/09/2000
- 07:30 Fortune Oil PLC [FTO] Interim Results
FORTUNE OIL PLC
Interim Results for the six months ended 30 June 2000
Fortune Oil PLC ('Fortune Oil' or 'the Company'),
the UK quoted company which is involved in oil-related operations and
investments in China, today announces its interim results for the six
months ended 30 June 2000.
* Turnover increased by 22% to £79.2 million
(1999: £65.1 million)
* Profit before tax and minority interests of
£2.6 million (1998: loss of £1.0 million)
* Earnings per share of 0.02p (1998: loss per
share of 0.14p)
* Profits from Single Point Mooring facility
('SPM') more than doubled to £4.6 million (1999: £2.1 million).
* Increased earnings contribution from Bluesky
Aviation Joint Venture (£0.8 million, compared with £0.7
million in 1999).
* 47% reduction in overheads to £0.9 million
(1999: £1.7 million).
* Establishment of new joint venture, at a
negligible cost to the Company, to develop applicable software for
the oil industry - already making small contribution.
* Restructuring activities now complete.
* Well placed to initiate next phase of long term
growth programme.
Richard Wong, Chief Executive of Fortune Oil,
said: 'Having now completed our restructuring programme, we are
looking forward to embarking on the next stage of our journey towards
long term shareholder value. The businesses on which we have chosen
to focus are performing well, in markets which offer considerable
scope for growth. We are therefore confident of our prospects, not
only for the remainder of the current year, but also in the longer term.'
28 September 2000
ENQUIRIES:
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Hong Kong |
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Fortune Oil PLC |
Tel: 00 852 2802 8300 |
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Chief Executive London |
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Fortune Oil PLC |
Tel: 020 7589 2233 |
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Bruce McGowan, |
Executive Vice Chairman |
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College Hill -------- Archie Berens |
Tel: 020 7 457 2020 |
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