Amadeusz Juskowiak

Cenergy crg reports 4th qtr net profit

Cenergy Corp reported fourth quarter net income of 790000 dlrs or seven cts per share on revenues of 77 mln dlrs

For the year it reported a net loss of 65 mln dlrs or 70 cts per share as a result of writedowns in the book value of its oil and gas properties in the first two quarters Revenues were 37 mln dlrs

Following the companys fiscal year ended March 31 1985 it changed to a calender year end

For the nine months ended Dec 31 1985 it reported a loss of 634 mln dlrs or 654 dlrs per share on revenues of 476 mln dlrs which it said was a result of noncash writedowns of oil and gas properties

For the year ended March 31 1985 Cenergy reported net income of 3705000 dlrs or 36 cts per share on revenues of 71 mln dlrs

The company said its reserves during the year fell to five mln barrels from 64 mln barrels of oil and to 601 bilion cubic feet of gas from 637 BCF It said these reserves did not disappear but are available to produce as prices recover

Reuter