Orca Exploration Group Inc., BVI-registered international public company focused on exploration and development of natural gas fields, announced its financial results for the three months period ended 31 March 2009. Among the reported financial and operating highlights of the BVI company there is the 16% fall of revenue – from US$5,284 mln in the first quarter of 2008 to US$4,443 mln in the same period this year. Despite this decrease, profit before tax increased by 19% and made US$0.32 mln – compared to US$0.27 mln in Q1 2008.
Funds from operations before working capital changes made US$1.5 mln in the first quarter of 2009 – compared to US$2.4 mln in Q1 2008. This decrease of funds flow may be explained by lower gas sales to the power sector and a decrease in the price of gas to industrial customers. The company expects the increase will follow during the year, due to higher industrial consumption of gas, and gas fired power generation increases. Orca has reported further cut of General and Administrative (“G&A”) costs, which in Q1 2009 already resulted in the reduction of G&A expenses.
The company reported that during the first quarter of 2009 it added 4 new industrial customers, which brings the total number of industrial customers connected to 24, and a total of 31 customers contracted.
BVI company’s current amount of cash makes approximately US$9.7 mln, and working capital makes US$9.2 mln.