March 12, 2015 / 7:26 AM / 2 years ago

Oil producer Soco proposes dividend despite profits halving

LONDON, March 12 (Reuters) - Oil producer Soco International has proposed to pay a 10 pence-per-share dividend, maintaining shareholder payouts despite a 54 percent fall in profits last year on the back of weak oil prices.

The oil company made $152.7 million in pre-tax profit last year, compared with $333.3 million the previous year. Revenue fell to $448.2 million, down 26 percent on 2013.

Soco, which earlier this year announced it was cutting 2015 investments by more than 60 percent, said it was ready to take advantage of buying opportunities this year.

The oil producer had a cash balance of $166.4 million at the end of last year, it said. (Reporting by Karolin Schaps; Editing by Pravin Char)

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