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Moomba incident affects Santos first half profit (includes corrected dividend table)

Santos Limited’s after-tax net profit was $86.5 million in the six months ended 30 June 2004 compared with $135.6 million in the previous corresponding period.

As expected, the profit downturn was due to the loss of production caused by the Moomba incident in January this year.

Net profit for the first half would have been around $62 million higher or approximately $149 million without loss of earnings from the incident. The estimated adverse impact of the incident on Santos’ full-year 2004 after-tax profit, after insurance recoveries, remains $25-30 million, as previously advised.

The lower first half result does not include any recovery of losses expected from insurance polices covering business interruption or property damage caused by the Moomba incident.

The result also includes one-off after-tax restructuring costs of $14 million, which are on track to deliver significant profit improvements from 2005.