Notice: Undefined variable: fileR in
/me/beta.myiris.com/htdocs/newsCentre/bin/addLinksNew.php on line
17
Notice: Undefined variable: fileR in
/me/beta.myiris.com/htdocs/newsCentre/bin/addLinksNew.php on line
142
Erin Energy Corp (ERN) saw its loss narrow to $142.40 million, or $0.67 a share for the year ended Dec. 31, 2016. In the previous year period, the company reported a loss of $430.94 million, or $2.04 a share. Revenue during the year grew 13.72 percent to $77.82 million from $68.43 million in the previous year. Gross margin for the year stood at negative 21.58 percent as compared to a negative 31.64 percent for the previous year.
Operating loss for the year was $136.99 million, compared with an operating loss of $416.43 million in the previous year.
"During 2016, we produced approximately 1.8 million net barrels of oil and generated revenues of more than $77 million," said Jean-Michel Malek, Interim chief executive officer. "2016 was a challenging year for our industry, but Erin Energy's perseverance allowed for good progress in our cost-cutting and balance sheet restructuring efforts."
Operating cash flow improves significantly
Erin Energy Corp has generated cash of $6.36 million from operating activities during the year, up 196.27 percent or $4.21 million, when compared with the last year. The company has spent $19.29 million cash to meet investing activities during the year as against cash outgo of $84.04 million in the last year.
Cash flow from financing activities was $6.07 million for the year, down 90.49 percent or $57.81 million, when compared with the last year.
Cash and cash equivalents stood at $7.18 million as on Dec. 31, 2016, down 14.18 percent or $1.19 million from $8.36 million on Dec. 31, 2015.
Disclaimer: Please note that this is an auto-generated article. IRIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. IRIS especially states that it has no financial liability whatsoever to any user on account of the use of information provided on its website. For queries contact: editor@irisindia.net
