07/09/2013 11:55 EDT | Updated 09/08/2013 05:12 EDT

Niko Resources Ltd. cuts loss to US$2.1 million in its fourth quarter

CALGARY - Oil and natural gas producer Niko Resources Ltd. (TSX:NKO) has cut its fourth-quarter loss to just US$2.1 million, citing lower expenses including income taxes and share-based compensation.

The loss, a big improved over the US$183.3-million loss it reported in the same quarter in 2012, came despite a decrease in oil and gas revenue to US$199.3 million from $321.3 million.

The company said the decline in revenue was primarily due to lower sales of natural gas, crude oil and condensate in India.

Niko has operations in India, Bangladesh, Indonesia, Madagascar, Pakistan and Trinidad.