Cub Energy reports 3x yoy bottom line drop in 1Q13
31 May 2013
Canadian-based Cub Energy (KUB CN), which holds oil and gas assets in Ukraine, suffered a 2.8x yoy drop in its bottom line to USD 0.76 mln, according to a report released May 29. The company posted USD 1 mln in revenue (vs. nil in 1Q12) and USD 2.1 mln of income from equity investments (up 12% yoy). Cub Energy holds a 30% interest in Ukrainian gas producer KUB-Gas and 100% interest in another one, Tysagaz. Thus only Tysagaz revenue is reported in the company’s top-line while KUB-Gas profit is reflected in income from equity investments.
Canadian-based Cub Energy (KUB CN), which holds oil and gas assets in Ukraine, suffered a 2.8x yoy drop in its bottom line to USD 0.76 mln, according to a report released May 29. The company posted USD 1 mln in revenue (vs. nil in 1Q12) and USD 2.1 mln of income from equity investments (up 12% yoy). Cub Energy holds a 30% interest in Ukrainian gas producer KUB-Gas and 100% interest in another one, Tysagaz. Thus only Tysagaz revenue is reported in the company’s top-line while KUB-Gas profit is reflected in income from equity investments.
