StockMarketWire.com - Upstream energy company Echo Energy reported narrower losses in the first half of the year as rising gas prices and cost-cutting measures boosted performance.

For the six months ended 30 June 2021, pre-tax losses narrowed to $1.3 million from $5.7 million year-on-year as revenue increase of 5% $5.9 million.

Cost of sales fell 33% in H1 2021 compared to equivalent period in H1 2020.

'Strong domestic gas prices supported enhanced cashflow generation with a 28% increase in gas price compared to same period a year ago with premium gas prices only coming into effect in last two months of the period,' the company said.


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