12 Nov 2008

PNG company InterOil announces a modest profit

11:24 am on 12 November 2008

The Papua New Guinea company, InterOil, has announced what it calls a modest but highly encouraging financial outcome for the third quarter of 2008.

The company recorded a pre-tax profit of 9 . 3-million US dollars for the period.

This compares to a net loss of 17.9-million for the third quarter of last year - an improvement of 27.2 million.

The latest figures represent an annual return of less than one percent on InterOil's major investment in Papua New Guinea.

Company President Bill Jasper says he is pleased with the result.

He says that despite the volatile nature of the international marketplace and the current financial crisis, InterOil has kept its head above water.