Beach Energy shares sink after slide in full-year profit

The news: Shares in Beach Energy have slumped in early trading after the gas producer reported a drop in underlying full-year profit.

The numbers: The company said statutory profit for the year to 30 June was down 24% to $400.8 million, while underlying profit slid 24% from a year earlier to $385 million. That prompted its ASX-listed shares to trade nearly 6% lower at $1.57 each.

The context: The weak result comes a week after the company’s CEO was abruptly replaced by senior Santos executive Brett Woods. Beach, 30%-owned by Kerry Stokes’ Seven Group, has been looking to deliver on promised increases in production but has been troubled by delays at its key Waitsia project in the Perth Basin.