Soco posts 181pc jump in earnings

Oil and gas explorer Soco yesterday posted a 181 per cent jump in pre-tax profits, boosted by a ramp up in production at its Te Giac Trang field in Vietnam. Profit before tax came in at $445.6m (£299m), up from $158.6m in 2011. The London-listed firm posted record revenue of $621.6m, a 166 per cent annual increase. The company said it would recommend a maiden dividend this year, once it has agreed a budget for a work programme on the Vietnamese field.