SINGAPORE (Yosefardi) – SGX-listed Interra Resources Limited, controlled by Edwin Soeryadjaya and Sandiaga Uno, posted revenue of US$18.34 million in third quarter of 2014, 22% higher than the previous quarter. This was largely due to the contribution from PT Mitra Investindo TBK (MITI).
The Group’s shareable production from oil increased by 26% (46,211 barrels) to 221,376 barrels in Q3 2014 from 175,165 barrels in Q3 2013.
The increase was mainly due to higher contributions from Myanmar of 128,438 barrels in Q3 2014 (Q3 2013: 74,684 barrels) as the Group successfully completed several development wells as oil producers.
However, the increase was partially offset by the decrease in shareable production from Tanjung Miring Timur (TMT TAC) to 79,818 barrels in Q3 2014 from 80,919 barrels in Q3 2013.
Total profit after tax for the quarter was US$0.31 million. This was largely due to higher amortization charges on the back of accelerated drilling activity in the first half.