QPM Energy Ltd, formerly Queensland Pacific Metals Ltd, has reported AUD 8.19 million ($5.41 million) in net profit after tax for the year ended June, rebounding from an after-tax net loss of AUD 24.33 million for the prior 12-month period.
“The largest component of the net profit after tax for QPM is the MGP operating results”, the Brisbane-based coal seams gas producer said in a regulatory filing.
QPM acquired the Moranbah Gas Project (MGP) in Australia’s Bowen Basin in 2023 from AGL Energy Ltd and Arrow Energy Pty Ltd for AUD 5 million, saying at the time the purchase transforms it into the sixth biggest domestic gas producer listed on the Australian Securities Exchange. Thereafter it has rebranded from Queensland Pacific Metals to QPM Energy.
QPM uses gas from MGP, in production since 2006 using waste gas from five coal mines, to supply two power plants for which QPM has secured dispatch rights: the 242-megawatt (MW) Townsville Power Station and the 12.8-MW Moranbah Power Station. The company also directly sells gas from MGP, with the Dyno Nobel Moranbah Ammonium Nitrate Plant and Copper Refineries among QPM’s customers.
Revenue for the year ended June totaled AUD 120.11 million, up from AUD 106.71 million for the preceding 12 months.
Profit before income tax was AUD 8.19 million, compared to a pre-tax loss of AUD 24.33 million for the year ended June 2024.
QPM had AUD 15.8 million in current assets as of June 2025, including AUD 10 million in cash and cash equivalents. Current liabilities stood at AUD 68.24 million.
In the year ended June 2025, gas supplied for power generation totaled 2.7 petajoules, with nearly 220,000 megawatt hours of power produced and dispatched to the National Electricity Market from the Townsville and Moranbah stations.
The power output represents a 17 percent increase from the previous 12-month period despite maintenance at the Townsville station, QPM said.
“During the year, the TPS has to undertake a major overhaul which typically occurs every 1,250 starts”, QPM said. “This commenced late March 2025 and was completed subsequent to financial year-end.
“The TPS was re-commissioned in late July 2025 and will not require another major overhaul for three to four years”.
QPM added, “In late March 2025, the historical power purchase agreement with Ratch Australia Corp (RAC) that was in place when QPM acquired the MGP expired. During the financial year, a new dispatch agreement was entered into with RAC and commenced at the completion of the recent overhaul”.
In December 2024 Carbon Logica Pty Ltd agreed to grant the operating and dispatch rights for the Moranbah station to QPM. QPM said then Carbon Logica would purchase the station from Sustainable Energy Infrastructure Pty Ltd and lease it to QPM. QPM can acquire the station after the four-year operating agreement with Carbon Logica ends.
To contact the author, email jov.onsat@rigzone.com
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