Nexus swings to FY profit

Energy group reduces costs as revenue falls but optimistic on gas discovery.

Nexus Energy (NXS) said its share in gas discovery projects may position shareholders to benefit from exploration upside after reducing its cost base and swinging to a full-year profit.

The group swung to a net profit after tax of $17.5 million in fiscal 2013, compared with a $342.3 million loss the prior year.

Revenue was $52 million in the year, down 36% from the $80.7 million it posted in the previous corresponding period.

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