1 Sep 2011

Lower profit reported by Cue Energy

1:01 pm on 1 September 2011

Cue Energy Resources has made a profit of $19.1 million in the year to June, a decrease of 30% on the previous year.

The company says the fall is due to impairment charges from exploration writeoffs, and losses from exchange rate movements and oil hedge contracts.

Production income fell 7% to $52.5 million, with production falling at the Maari field.

Debt fell 63% to $5.1 million.