Primeenergy Corp. Announces 86% Drop In Q2 Profit

(RTTNews) - Primeenergy Corp. (PRNG) reported a profit for second quarter that lost ground compared to the same period last year.

The company said its bottom line dropped to $0.36 million, or $0.12 per share. This was down from $2.53 million, or $0.83 per share, in last year's second quarter.

The company said revenue for the quarter rose 53.1% to $21.53 million. This was up from $14.06 million last year.

Primeenergy Corp. earnings at a glance:

-Earnings (Q2): $0.36 Mln. vs. $2.53 Mln. last year. -Earnings Decline (Y-o-Y): -85.8% -EPS (Q2): $0.12 vs. $0.83 last year. -EPS Decline (Y-o-Y): -85.5% -Revenue (Q2): $21.53 Mln vs. $14.06 Mln last year. -Revenue Change (Y-o-Y): 53.1%