InterOil Q1 Profit Drops

InterOil results for Q1 have been released. For the quarter, revenues totaled $350 million, up from the $338 million in the same period the previous year. Net profit was just above $4 million ($0.08 per diluted share), less than half of Q1 2012's $9.4 million ($0.19).

The company attributed the higher top line to higher sales volumes. For the most recent quarter, the total volume of all products sold was 2.4 million barrels, which bettered Q1 2012's figure of 2.2 million.

Of InterOil's two largest product categories, the midstream segment was the one that posted a year-on-year increase, inching up by nearly 1% to contribute $305 million to revenues this past Q1. Downstream fell by 5% over that same time frame to land at $208 million. The company's consolidation entries leeched nearly $200 million from revenues during the quarter.

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