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Arrow Energy's year profit surges on asset sale

Wed Aug 26, 2009 12:06am EDT

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PERTH, Aug 26 (Reuters) - Australia's coal seam gas producer Arrow Energy Ltd (AOE.AX) posted on Wednesday a surge in its full-year net profit, boosted by gains booked through the sale of a stake in some of its assets.

Arrow, a partner with Royal Dutch Shell (RDSa.L) to supply coal seam gas a planned liquefied natural gas project in eastern Australia, said its reported net profit was A$366 million ($306.3 million), beating a market consensus forecast of A$356.6 million.

The figure was A$328.9 million higher than profit in the previous year, Arrow said.

Profit after tax rose to A$355 million.

Shares in Arrow, which also has an agreement to supply gas to Liquefied Natural Gas Ltd's (LNG.AX) proposed LNG project in Australia, have leapt about 73 percent this year amid takeover speculation. The broader index .AXJO has gained 18.4 percent. (Reporting by Fayen Wong)



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