Melrose owner returns to profit after ‘transformational’ year

Petroceltic International, the Irish oil firm that last year bought Edinburgh-based Melrose Resources, has moved into the black following a “transformational” year for the group.

The exploration and production company, which is focused on the Black Sea, Mediterranean, Middle East and North Africa, posted a profit before exploration costs of $4 million (£2.6m) for 2012, compared with a loss of $6.4m the previous year.

Once one-off merger-related costs, exploration write-offs and finance expenses were taken into account, Petroceltic ran up a pre-tax loss of $6.7m, down from $8.2m in 2011.

Chairman Robert Adair said: “Petroceltic has fundamentally transformed its business over the past year. The merger with Melrose in October 2012 … has produced a company with stable finances and excellent growth prospects.”