Calgary — The Canadian Press Published on Friday, Feb. 12, 2010 7:58AM EST
Niko Resources Ltd. NKO-T had a $14.6-million (U.S.) profit in the final three months of 2009, as oil and gas revenue from its various operations around the world more than tripled compared with the same period of 2008.
In contrast, the Calgary-based company had a loss of $2.1-million in the comparable period of 2008.
Revenue before royalties during the company's fiscal third quarter ended Dec. 31 rose to $91.8-million from $28-million a year earlier.
Funds from operations, which exclude several items used to calculate net income, improved to $68.8-million in the third quarter of the current financial year, up from $19.5-million in the comparable period of fiscal 2009.
Niko is involved in the development and production of natural gas and oil in several countries outside of Canada: India, Bangladesh, Indonesia, the Kurdistan region of Iraq, Trinidad, Pakistan and Madagascar.
Its shares closed Thursday at $98, up 70 cents, on the Toronto Stock Exchange.
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