Allied Resources, Inc. (ALOD.OB) Recognizes 73% Increase in Net Income Year over Year
Allied Resources, Inc., an independent oil and gas producer, today reported year over year increases in net income and net revenue, in spite of the dramatic downward trend in energy prices during the second half of 2008. Net income for the twelve months ended December 31, 2008 totaled $251,961 compared to $145,722 for the comparative period ended December 31, 2007, an increase of 73%. Net revenue for the twelve months ended December 31, 2008 totaled $1,216,908 compared to $915,595 for the comparative period ended December 31, 2007, an increase of 33%. Ruairidh Campbell, Allied’s chief executive officer, stated, “Although the…