Kolibri Global Energy Q3 Profit Down

(RTTNews) - Kolibri Global Energy Inc. (KGEI) reported that its third quarter net income was $2.32 million and $0.07 per basic share down from $9.3 million and $0.26 per basic share in the third quarter of 2022.

The decrease in net income was mainly due to an unrealized loss on commodity contracts of $2.6 million in the third quarter of 2023 versus an unrealized gain on commodity contracts of $4.6 million that was recorded in the third quarter of 2022. In addition, the third quarter of 2023 had lower average prices and higher depreciation expense which was offset by higher production compared to the third quarter of 2022.

Revenue, net of royalties was $12.7 million in the third quarter of 2023 compared to $9.9 million for the third quarter of 2022, which was an increase of 29%, as production increased by 61% partially offset by a decrease in average prices of 20%.

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