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Lagos and London listed Seplat Petroleum Development Company reported a rise in year-to-date profit after lower financing costs offset a fall in revenue.
Profit for the nine months through September more than doubled to $185m, up from $91m on-year, following a 37% reduction in finance costs.
The fall reflected de-leveraging of the balance sheet early in the year when an outstanding balance on a 2022 revolving credit facility was ultimately reduced to zero
Revenue, however, fell to $495m, down from $568m on-year, reflecting lower production volumes and weaker commodity prices.
At 8:00am: (LON:SEPL) Seplat Petroleum Dev Company Plc share price was -1.75p at 115.25p