Hardy Oil & Gas posts H1 pre-tax loss

17th Aug 2009 07:30

Oil and gas exploration and production firm Hardy Oil & Gas reported a first half pre-tax loss of $5.4m compared with a profit of $9.7m the year before.Revenue at the India-focused firm fell to $5.8m for the six months ended 30 June 2009 from $9.9m the year before. Hardy posted a net loss of $4.3m compared to net profit $6.2m last time.The group, which raised $15.2m through a share placing in April, said it spent $7m on pre-drilling, drilling and acquisition of seismic data.Hardy added that it had cash and short term investment of $32.7m at the end of June and no long-term debt.