Indus Gas losses widen, confident outlook

16th Dec 2009 09:45

India-focused oil and gas company Indus Gas saw half year pre-tax losses widen but said it looks forward to the remainder of the year with confidence.Pre-tax losses increased to $2.29m in the six month ended 30 September compared with $593,438 last time. 'Indus has continued to make solid progress over the last 6 months and we look forward to the remainder of the year with confidence,' said non-executive chairman Marc Holtzman.'The company remains on schedule to move into production and revenue in April next year and we have a work programme in place that has the potential to add further significant value.''These operations are underpinned by a combination of the new $110m debt facility, existing cash resources and planned revenues,' he added.