London-listed Ithaca Energy saw profits rise in 2012, benefiting from a deferred tax credit while increased output also helped lift revenues.

Profit after tax totalled $93.4 million for 2012, up from a profit of $35.9 million a year earlier, however last year’s result included a deferred tax credit of $64.2 million.

Also helping boost profits however was a 32% jump in revenue to $170.5 million, compared to the $129.1 million generated in 2011.

Ithaca attributed the rise in revenue mainly to increased oil sales volumes with the inclusion of sales from the Athena, Cook and Broom fields in 2012, which was partially offset by natural declines in the Beatrice and Jacky fields.

Net export production for the year averaged 5862 barrels of oil equivalent per day, a 34% rise on the 4370 boepd produced during the previous year.

Ithaca estimated planned maintenance shutdowns during the year, most notably on on the Shell operated Anasuria floating production, storage and offloading vessel on the Cook field, reduced overall net production performance by roughly 500 boepd.

Ithaca said it expected net export production to average more than 6500 boepd for the first quarter of 2013, which is in the upper range of its annual guidance of between 6000 to 6700 boepd.