Russian oil and gas explorer Petropavlovsk posted a slight drop in full-year profits on Wednesday as a result of increased one-off expenses throughout 2019.
Net profits for the year ended 31 December fell 0.8% to $25.7m despite the group also booking a 48% surge in revenues to $741.6m. Underlying earnings were up 45% to $264.8m.
Petropavlovsk said on Wednesday that revenues were lifted by increased production levels and gold prices, but noted that the fall in profits was a result of higher impairment reversals in 2018, reduced interest capitalisation and an impairment charge against its holdings in IRC.