EBITDA rises to EUR 29.1 million/Annual forecast drops slightly
Mannheim. Deutsche Rohstoff AG has published its quarterly report for the third quarter, which also represents a 9-month report. Deutsche Rohstoff Group generated sales of EUR 39.5 million in the first nine months of the financial year (3rd quarter: EUR 7.4 million). Earnings before interest, taxes, depreciation and amortization (EBITDA) increased to EUR 29.1 million after 9 months (3rd quarter: EUR 5.6 million). EBIT stands at EUR 8.9 million. The net profit amounts to EUR 5.2 million after EUR 5.0 million in the first half of the year.
For the full year, the Management Board now expects sales of around EUR 50 million (previous forecast: EUR 55-65 million) and EBITDA of EUR 35-37 million (previous forecast: EUR 40 million). The reason for the revision is next to the continuously weak USD/EUR exchange rate, that some of the older Cub Creek Energy wells have experienced a greater than expected decline in production in recent months. The seven Haley wells that have been in production since mid-September are delivering very good results so far. Since the end of September, they have produced 2,723 BOE per day, most recently over 3,000 BOE.
In the first quarter of 2018, all three US-companies expect production to increase due to bringing into production another approximately 25 net wells, which means wells that are 100% allocated to Deutsche Rohstoff Group. The new wells will roughly double production capacity of the group.
The quarterly report is now online and can be found here.
Mannheim, 19 November 2017
Deutsche Rohstoff identifies, develops and divests attractive resource projects in North America, Australia and Europe. The focus is on the development of oil and gas opportunities within the United States. Metals, such as gold, copper, rare earth elements, tungsten and tin complete our portfolio. For more information please visit www.rohstoff.de.