Beach Energy posts FY profit

Company says lower oil prices weighed on full-year result.

Beach Energy (BPT) anticipates the oil price to remain strong throughout the current financial year after beating market expectations in its full-year results for 2012-13 and reaffirming its guidance.

For the 12 months to June 30, underlying profit for the full year increased 15% to $140.8 million, easily beating analyst estimates for around $127.6 million.

Net profit after tax slipped to $153.65 million, from $164.23 million in the previous year.  

Revenue for the year rose to $700.46 million, from $619.3 million in 2012, boosted by asset sales totalling $26,563.  

The group will pay a final dividend of 2 cents per share, fully franked, on September 27. 

The company maintained its output forecast for the current financial year at between 8.7 and 9.3 million barrels of oil equivalent (MMBoe).

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