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Energean Profit Soars 45% on Italian Tax Assets
9 Sep
Summary
- Energean's first-half profit surged by 45% this week.
- Deferred tax assets in Italy significantly boosted earnings.
- Annual output forecasts were reiterated following operational restarts.
Eastern Mediterranean gas producer Energean announced a notable 45% leap in its first-half profits, as reported on Wednesday. This impressive financial performance was significantly bolstered by the accounting recognition of deferred tax assets located in Italy.
Following the successful restart of its operations in Israel, Energean has reaffirmed its annual production output forecast. This reiteration indicates a positive outlook for the company's production capabilities and stability.
The company's ability to achieve strong profit growth, even with the integration of deferred tax benefits, underscores its operational strength. The restart in Israel further solidifies its production base.
