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Write-downs sink Santos to loss, dividend cut

Angela Macdonald-Smith

Key Points

  • Revenue ($USm) 1668.0, down -15.5%
  • Pre-tax profit ($USm) -391.0, down-166.3%
  • Net profit ($USm) -289.0, down-174.5%
  • Interim dividend (USc) 2.1, down-65.0%, payable on Sept 24

Santos plunged into the red to the tune of $US289 million ($401.9 million) and slashed its dividend in the first half as write-downs it had already flagged due to the collapse in oil prices savaged the bottom line result.

The loss compared with a net profit of $US388 million in the first half of 2019.

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Angela Macdonald-Smith writes on the resources industry with a focus on energy, including gas, oil, electricity and renewables. Connect with Angela on Twitter. Email Angela at amacdonald-smith@afr.com

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    Original URL: https://www.afr.com/companies/energy/write-downs-sink-santos-to-loss-dividend-cut-20200819-p55nbs