(RTTNews) - Kolibri Global Energy Inc. (KGEI) reported that its third quarter net income rose to $5.07 million or $0.14 per share from $2.32 million or $0.06 per share in the prior year. The increase was mainly due to an unrealized gain on commodity contracts of $1.3 million that was recorded in the third quarter of 2024 compared to an unrealized loss on commodity contracts of $2.6 million in the third quarter of 2023. In addition, the third quarter of 2024 had higher production which was offset by lower average prices and higher income tax expense compared to the third quarter of 2023.
Quarterly revenues were $13.01 million up from $12.75 million in the previous year.
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