May 8, 2019 / 6:26 AM / 6 months ago

Oil firm DNO's Q1 operating profit lags expectations

OSLO, May 8 (Reuters) - Norwegian oil and gas firm DNO reported on Wednesday a worse-than-expected operating result in the first quarter after acquiring British rival Faroe Petroleum earlier this year to diversify its operations.

Earnings before interest and taxes (EBIT) rose to $37.9 million in the quarter from $25 million from the same period a year ago, lagging a forecast of $73.2 million in a Reuters poll of analysts.

The Oslo-listed company also said it planned to increase its total capital and exploration expenditure in the Kurdistan region of Iraq and in the North Sea to $440 million in 2019 from $200 million last year. (Reporting by Nerijus Adomaitis, editing by Gwladys Fouche)

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