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Nov 24, 2023 12:14 EEST
November 24 (SeeNews) - Romanian provider of geological and geophysical prospecting services Prospectiuni [BSE: PRSN] said its net profit surged over 2.6 times year-on-year in the first nine months of 2023, reaching 25.3 million lei ($5.6 million/5.1 million euro).
Driven by an improvement in acquisitions of geophysical data and the execution of three large 3D projects, Prospectiuni's turnover rose by 54% on the year to 187.3 million lei in the review period, the company said in a financial report filed with the Bucharest Stock Exchange on Thursday.
Operating revenues tracked the annual rise in turnover, reaching 188.6 million lei, while operating expenses increased by 41% on the year to 156.9 million lei in January-September.
Given the context of high oil and gas prices and the national energy independence strategy, the short and medium-term outlook envisages an increase in investments by companies in the upstream market. To support growth and boost financial stability, Prospectiuni is also looking to expand its services on the international market.
In 2022, Prospectiuni booked a net profit of 10.4 million lei, recovering from a net loss of 13.6 million lei a year earlier, it said in a financial report filed with the Bucharest bourse in March.
Prospectiuni’s shares traded 1.76% higher at 0.173 lei as at 1004 CET on November 24 on the Bucharest Stock Exchange.
(1 euro=4.971 lei)
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