Circle Oil profits surge to $8.7m

MANAGEMENT at the exploration company Circle Oil has hailed “excellent progress” made in the first half of the year, with after-tax profits surging by 316%, year-on-year, to $8.7 million (€6.2m).

Pre-tax profits at the Limerick-based company also increased fourfold on the same period last year.

Basic earnings per share jumped from 0.5c to 1.54c and group turnover rose by 35%, year-on-year, to $28.7m (€20.6m).