RY 172.7 -0.1792% SHOP 152.38 -3.7762% TD 74.49 -0.4144% ENB 58.66 0.2906% BN 80.21 0.2124% TRI 235.76 -0.7034% CNQ 42.27 -1.3305% CP 102.81 -2.4851% CNR 145.02 -0.9426% BMO 139.15 0.5855% BNS 77.045 -0.149% CSU 4497.2998 0.6756% CM 92.23 -0.335% MFC 43.28 0.8858% ATD 79.0 -1.1882% NGT 53.35 -1.8038% TRP 65.26 0.215% SU 49.61 -1.411% WCN 251.65 -0.2181% L 191.14 0.1205%
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Can InPlay Oil (TSX: IPO) Show a Turn Around in the Coming Quarters?
TSX-listed oil development and production company, InPlay Oil Corp. (TSX: IPO) has been building its position in the energy sector with a strong vision to acquire, explore, and develop petroleum and natural gas properties. It is also involved in the production and sale of natural gas, crude oil, and natural gas liquids.
For the first quarter of FY23, the company posted a 15.5% annual drop in revenue. This was primarily because lower volumes were sold at a lower realized price during the period. Furthermore, the total expense increased to CAD 29.70 million for the quarter due to higher operating expenses and higher depletion and depreciation cost. Overall, the impact was seen on the profit before tax as it decreased to CAD 9.82 million as compared to CAD 12.82 million in the previous corresponding period. IPO ended the quarter with net profit of CAD 9.29 million, down from CAD 18.77 million in Q1 2022.
Despite lower net profit, the company announced recently to pay its shareholders a monthly cash dividend of CAD 0.015 per common share on July 31, 2023.
Interestingly, the company has reported rising total production along with industry beating margins and minimized its net debt in Q1 2023, which is a key positive.
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