Petroceltic hails Melrose merger

Irish oil and gas producer Petroceltic yesterday posted a full-year operating profit of $4m (£2.6m), compared to a loss of $6.4m a year ago, helped by assets from recently-acquired Melrose Resources. Revenues rose from less than $500,000 to $59.4m in what the firm described as a “transformational year”. The group reported a pre-tax loss of $6.7m due to costs around its Melrose merger. Petroceltic bought Melrose for £165m.