Mirach Energy Limited reported unaudited group earnings results for the second quarter and six months ended June 30, 2017. For the quarter, the company reported revenue of USD 189,000, profit before income tax of USD 560,000, gain for the period attributable to equity holders of the company of USD 538,000 or 0.45 cents per basic and diluted share compared to revenue of USD 207,000, loss before income tax of USD 1,647,000, loss for the period attributable to equity holders of the company of USD 1,624,000 or 1.36 cents loss per basic and diluted share for the same period a year ago. Cash flows used in operating activities was USD 528,000 against cash flows generated from operating activities of USD 1,901,000 a year ago. Profit of USD 0.560 million was due to the continuing cost savings measures throughout the group, as well as the cost reduction measures at KM oil field, which was a huge cost burden.

For the six months, the company reported revenue of USD 245,000, loss before income tax of USD 491,000, loss for the period attributable to equity holders of the company of USD 505,000 or 0.42 cents loss per basic and diluted share compared to revenue of USD 330,000, loss before income tax of USD 1,260,000, loss for the period attributable to equity holders of the company of USD 1,216,000 or 1.02 cents loss per basic and diluted share for the same period a year ago. Cash flows used in operating activities was USD 2,485,000 against cash flows generated from operating activities of USD 2,097,000 a year ago. There was other income in second quarter of 2017 of around USD 4,000 from Government rebates and realized gain in foreign exchange. There was a profit of USD 0.560 million in second quarter 2017. This was due to the continuing cost savings measures throughout the group, as well as the cost efficiency at the KM oil field, which was a huge cost burden.

For the quarter, the company reported impairment loss on property, plant and equipment of USD 202,000 and impairment loss on oil and gas properties of USD 2,397,000.