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Zoltav Announces Half Year Report for the 6M Ended 30 June 2020

Source: www.gulfoilandgas.com 10/29/2020, Location: Asia

Zoltav, the Russia-focused oil and gas exploration and production company, announces results for the six months ended 30 June 2020.

Financial Summary
- Revenues declined by 12% to RUB 552 million (USD 8 million) (H1 2019: RUB 624 million (USD 9.6 million)), due mainly to lower gas production and lower oil and condensate prices
- Total cost of sales was 29% lower at RUB 380.6 million (USD 5.5 million) (H1 2019: RUB 533.9 million (USD 8.2 million))
- Operational and G&A costs decreased by 20% to RUB 106 million (USD 1.53 million) (H1 2019: RUB 133.2 million (USD 2.04 million))
- Operating profit of RUB 87.2 million (USD 1.26 million) (H1 2019: operating loss of RUB 105 million (USD 1.61 million))
- Profit before tax of RUB 18.7 million (USD 0.3 million) (H1 2019: loss before tax of RUB 172.6 million or USD 2.64 million)
- Cash generated from operating activities increased by 39% to RUB 257.5 million (USD 3.71 million) (H1 2019: RUB 185.5 million (USD 2.84 million))
- Total cash at the end of the period was RUB 31 million (USD 0.45 million) (H1 2019: RUB 330 million (USD 5.33 million))
o Revolving loan facility of USD 9 million announced after the period-end in July 2020

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