SSLZY - What Is Behind Oil Search Ltd's H1 Results?
Behind the red numbers
As the income statement is not in the best shape, there is an allurement to make a hasty decision at first sight, but a majority pattern will only become discernible if we put the H1 numbers in the context. First, the earthquake in February 2018 is a primary culprit of ruined numbers. It disabled the Papua New Guinea LNG project, and the numbers expectedly turned red.
Source: 2018 First Half Results Presentation.
In my judgement, the H1 2018 dip in operating efficiency and overall financial performance of Oil Search Ltd. (