Cue Energy Resources has made a profit of $19.1 million in the year to June, a decrease of 30% on the previous year.
The company says the fall is due to impairment charges from exploration writeoffs, and losses from exchange rate movements and oil hedge contracts.
Production income fell 7% to $52.5 million, with production falling at the Maari field.
Debt fell 63% to $5.1 million.