Santos cuts losses

OIL and gas producer Santos has flagged the possibility of reviving its dividend and growth plans after recording a nearly fivefold jump in fullyear underlying profit.

The company yesterday posted a net loss of $US360 million ($456.8 million) for the year to December, mainly on account of writedowns on key projects. But its underlying profit, which excludes such one-off items, jumped to $US336 million — from $US63 million a year ago — as gas prices improved and operating costs were cut.