Santos Full-Year Profit Declines 31%, Missing Analyst Estimates

Santos Ltd. (STO), Australia’s third- biggest oil and gas producer, said full-year profit dropped 31 percent from the previous year after one-time gains weren’t repeated.

Net income fell to A$519 million in 2012 from A$753 million a year earlier, the Adelaide-based company said today in a statement. That compared with the A$589 million average estimate of 12 analysts compiled by Bloomberg. Excluding one-time items, profit rose 34 percent to A$606 million, according to the statement.

Santos is building the $18.5 billion Gladstone liquefied natural gas project in Queensland state, one of seven being developed in the country to meet Asian demand. Its operations include the A$490 million Fletcher-Finucane oil project in the Carnarvon Basin off Western Australia, the Chim Sao oil field in Vietnam and assets in central Australia’s Cooper Basin.

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