Ramba Energy posts bigger 3Q net loss of $0.73m

Ramba Energy today reported total group revenue of $25.8 million for 3Q2011, up from $12.9 million for the same period the previous year, an increase of 100%.

Ramba says the increase is attributed to revenue from the provision of a one-off offshore marine logistics services project, as well as an increase in land transport service revenue from the group’s logistics arm Richland Logistics Services and higher oil and gas revenue.

However, an increase in operating expenses of $12.6 million for the same quarter has resulted in a net loss after tax of $725,000.

This compares to a loss of $597,000 for the same period last year.

The additional expenses were mainly due to cost associated with the offshore marine logistics service project and the group’s continued investment in its oil and gas exploration and production activities, which include an increase in royalty payments, higher salaries and employee benefits due to additional headcount, and higher depreciation and amortisation costs as a result of increased oil and gas output. Taxation expenses were also higher due to higher oil and gas income.