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Rex International cuts losses to $67.7m in FY 2024
Higher revenue contributed to loss reduction.
Rex International Holding Limited has narrowed down its loss after tax of $67.7m (US$50.2m) in the financial year 2024.
The company attributed the narrowing to non-cash items, including goodwill impairment for the Yme Field transaction and depletion and impairment loss on oil and gas properties.
A 34% year-on-year rise in revenue to $402.3m (US$298.1m), driven by the sale of crude oil from Yumna, Brage, and Yme Fields, contributed to loss reduction.
Adjusted earnings before interest, taxes, depreciation, and amortisation also increased, rising 47% YoY to $216.7m (US$160.6m).
($1=US$0.74)
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