Santos dividend surges despite profit slide

By Stephen Letts

Santos’s underlying earnings were up 3 per cent to $258 million, but a previously flagged $67 million impairment charge relating to its exit from an Indonesian coal seam gas project in Sumatra dragged the overall result down.

The sales figures were boosted by its LNG project in guinea/” title=”View all articles about Papua New Guinea here”>Papua New Guinea commencing ahead of schedule. Santos has a 13. 5 per cent stake in the $19 billion PNG LNG project which shipped out its first production in May.

The Adelaide based company’s other big investment - a 30 per cent stake in the $18. 5 billion GLNG project at Gladstone in Queensland - is now 85 per cent complete and due to start production in 2015.

“It is expected that the level of dividend will next be reviewed around the time of GLNG start-up”. Santos shares jumped 3. 6 per cent to $15. 12 by 10:12am (AEST), shortly after the share market opened.

Read more here: ABC


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