Ramco 'back in profit by mid-2004'

RAMCO ENERGY, the developers of the Seven Heads gas field, expect to report healthy profits by mid-2004.

Yesterday, Ramco reported, in line with expectations, a loss after tax of £1.4 million for the first six months of the year (H1 2002: £2.8 million).

However, chief operating officer Daniel F Stover said that once revenues from gas production from the Seven Heads field kick in, the company will be in profit by the time Ramco delivers its 2004 six-month interims.