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Echo Energy losses widen as higher costs offset more than fourfold jump in revenue
StockMarketWire.com
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Energy company Echo Energy reported wider annual losses as jump in costs offer a more than fourfold increase in revenue.
For the year ended 31 December 2020, pre-tax losses widened to $15.3 million from $10.03 million year-on-year, while revenue jumped to $11.1 million from $2.6 million.
In 2020, Echo's net cumulative production was 0.72 MMboe, which included 3,750 mmscf of natural gas and 94,693 bbls oil and condensate.
'The market for the company's liquid production has now normalised with regular sales taking place and global benchmarks returning to pre pandemic levels,' the company said.
'These factors combined with the underlying operational and financial progress make for a much-improved outlook in 2021 and beyond,' it added.
At 8:29am: (LON:ECHO) Echo Energy Plc share price was 0p at 0.43p
Story provided by StockMarketWire.com
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