Energy group Dragon Oil's full-year operating profit fell 16% as it spent more to sell its crude oil and took a $24m impairment charge from well exploration in its Philippines asset.
The company, which slashed its 2015 capital expenditure budget by a quarter last month, raised its full-year dividend by 3 cents to 36 cents per share.
Operating profit for the year ended 31 December fell to $578.6m from $687.7m a year earlier.
Revenue rose 4% to $1.09bn, helped by a 17% increase in the volume of crude oil sold.
Dragon Oil is listed on the ISEQ in Dublin as well as on the London Stock Exchange.
Dragon sold its crude oil at an average realised price of $81 per barrel in 2014, lower than the $91 per barrel it realised in 2013. Cost of sales in 2014 rose by $33m to $357m.
Dragon exited 2014 producing at a rate of 92,008 barrels of oil per day and it expected to hit 100,000 bopd at the end of this year.
Dragon produces oil from its asset off the Caspian Sea in Turkmenistan, and has exploration blocks in the Philippines, north Africa and the Middle East.
The company, which has been looking for growth in new markets, abandoned its pursuit of Irish producer Petroceltic International in December, blaming the fall in crude oil prices.
Petroceltic wins support of corporate governance groups
The Board of the oil and gas exploration firm Petroceltic has won the support of three corporate governance groups ahead of next week's extraordinary general meeting of shareholders.
The biggest shareholder, Worldview Capital Management, is looking to replace chief executive Brian O'Cathain and have its own representative placed on the board.
The corporate governance groups are recommending that shareholders vote against or abstain in the vote removing the CEO and vote against the Worldview appointees.
The meeting takes place next Wednesday.
