AAP
Gas and electricity producer Arrow Energy Ltd says gross sales in financial 2010 were up strongly, with gas and electricity sales doubling on the previous year.
Gross gas sales were up 101.7 per cent per cent for the year to June 30, while gross electricity sales were up were up 101.7 per cent and gross gas production was up 22.5 per cent, the company said.
Electricity sales net to Arrow were up 150.6 per cent, but net gas sales were down 8.6 per cent.
While total sales in fiscal 2010 were $159.21 million, up 113 per cent on the prior year, they were down compared to the previous three months.
Arrow sold $34.11 million in the June quarter, down 19 per cent on the prior three months.
Gross electricity sales were down 10.1 per cent in the June quarter ,compared to the previous quarter, with the company citing the unavailability of spot gas.
The data, revealed in the company's quarterly production figures, showed output from its 70 per cent owned Daandine project in southeast Queensland grew rapidly.
During 2009/10, Daandine production increased 97.2 per cent (60.9 per cent net to Arrow), and was up 43.1 per cent during the June quarter compared to the previous three months.
Arrow is the subject of a $3.45 billion joint takeover move from energy giants Royal Dutch Shell and PetroChina, with the acquisition scheme still subject to approval by the Federal Court.
At June 30, Arrow's cash position was $152.4 million.
Arrow shares were down one cent, at $4.67, at 1320 AEST on Thursday.
