Bankers Petroleum profit rises on higher sales volume

Mon Aug 13, 2012 9:30am EDT
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(Reuters) - Bankers Petroleum Ltd BNK.TO said quarterly profit rose 4 percent as it sold more oil at prices which were almost flat compared with a year earlier.

The net income rose to $11.2 million, or 4.4 cents per share, for April-June from $10.8 million, or 4.2 cents per share, a year earlier.

Bankers, which operates the Patos-Marinza heavy oilfield and Kuçova oilfield in Alabania, said oil revenue rose 16 percent to $98.6 million.

Oil sales for the quarter averaged 14,169 barrels per day, up 17 percent from a year earlier.

Average selling price per barrel fell 1 percent to $76.46.

Average third-quarter production to date is 15,400 barrels of oil per day, 9 percent higher than the second quarter rate of 14,169 barrels of oil/day, the company said in a statement.

The company reported deferred income tax expense of $15.4 million for the second quarter, down 18 percent from a year earlier.

Shares of the company, which has a market value of $702.1 million, closed at C$2.75 on Friday on the Toronto Stock Exchange.

(Reporting by Shounak Dasgupta in Bangalore; Editing by Don Sebastian)