Fortune Petroleum Profits Slide 45% in 3rd Quarter
Fortune Petroleum, an Agoura Hills oil and gas producer, reported a 45% decline in profits during the third quarter, despite a 64% increase in revenue, and a nine-month net loss of $97,000.
Fortune blamed its problems on a “significant” drop in oil prices.
In the three months ended Sept. 30, Fortune earned $21,000, compared with a profit of $38,000 in the year-earlier quarter. Revenue increased to $976,000 from $597,000 in 1992’s third quarter.
Fortune’s net loss for the nine months contrasted with a profit of $90,000 in the same period last year. Revenue rose 22% in the first nine months of 1993, to $1.9 million from $1.6 million a year earlier.
