Aberdeen-based oil and gas explorer Xcite Energy has moved back into the black, thanks to gains on foreign-exchange rates.
The firm said today it had no trading revenue last year but made forex gains of £1.6million.
Operating profits were £6,886, compared with losses of £2.6million in the previous year, while pre-tax profits for 2011 were £129,563, against losses of £2.4million in 2010.
Xcite is working on the first development phase of the Bentley heavy-oil field, about 100 miles east of Shetland.
The core area of Bentley, one of the largest undeveloped finds in UK waters, is thought to have 150million recoverable barrels of oil, with the development cost estimated at more than £1billion.