Cat Oil reports sky-high profit

CAT Oil AG has managed to double its profit.The Austrian company – which produces and offers services for the equipment for the oil and gas industry – said today (Thurs) its net profit soared from 8.4 million Euros in 2009 to 19.5 million Euros the next year. Cat Oil’s turnover edged up by 0.3 per cent to 228.8 Euros at the same time, while its earnings before interest, taxes, depreciation and amortisation (Ebitda) improved by 24.5 per cent to 56.4 million Euros.Cat Oil said it lowered its material costs by 11.9 per cent to 62.6 million Euros last year. The firm employed 2,424 people in 2010 (2009: 2,873). It added that the plan was to invest 150 million Euros this and next year.Cat Oil was founded in 1991. The Vienna-based company is quoted on the Frankfurt Stock Exchange (FWB) in Germany. It focuses on the production of oil and gas in Russia and Kazakhstan where the majority of its staff is active.Meanwhile, Austrian energy sector giant OMV AG started operating an oil well in Tunisia after acquiring the exploration activities department of US American company Pioneer Natural Resources.OMV said it carried out first drillings at the El Badr 5 field earlier this week. The plan was to produce 1,500 barrels of oil equivalent (BOE) per day at the site, the Vienna-based firm added.OMV started operating in the North African country in the 1970s.