May 26 (SeeNews) - Romanian provider of geological and geophysical prospecting services Prospectiuni [BSE: PRSN] turned a 1.3 million lei ($281,422/262,229 euro) net profit in the first three months of 2023, compared to a net loss of 3.5 million lei in the same period of last year.
Driven by the acquisition of geophysical data and logging activities, Prospectiuni’s turnover soared by 95% on the year to 55.5 million lei in the first quarter of 2023, the company said in a financial report filed with the Bucharest Stock Exchange on Thursday.
Total revenues almost doubled year-on-year, reaching 56.8 million lei in January-March, while total expenses rose by an annual 71% to 55.5 million lei. Of these amounts, the company’s operating income reached 55.8 million lei, jumping by 96% on the year, while operating expenses rose 70% to 53.7 million lei.
Total assets decreased by 2% on the year to 158.6 million at the end of March, while total debts fell by 14% to 31.4 million lei.
For 2023, Prospectiuni envisages further growth in the geophysical data acquisition division, as it has already secured 3D projects, as well as client requests. The company is also expecting an increase in the volume of services related to cased hole logging, as well as mechanical services and perforating.
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 last month.
Prospectiuni’s shares traded 3.15% higher at 0.131 lei as at 1304 CET on Friday on the Bucharest Stock Exchange.
(1 euro=4.9575 lei)