Exploration firm cuts pre-tax losses by 18%

Pre-tax losses at Dublin-based exploration firm Petroceltic fell more than 18% last year — a period management has called “transformational” for the company.

The latest annual results, published yesterday, show that the company cut its pre-tax losses from $8.2m (€6.3m) to $6.67m, with revenues rising from $419,000 to over $59.4m.

A three-month contribution from Melrose Resources, which merged with Petroceltic late last year, boosted yearly revenue by $420,000.