Feb 21 (Reuters) - Santos Ltd STO.AX , Australia's No. 2 independent gas producer, reported a more-than-fivefold rise in annual underlying profit on Wednesday, but did not declare a dividend.
The revival puts Santos in a strong position to fend off suitors, like private equity-backed Harbour Energy, which made a A$9.5 billion takeover approach that was rebuffed by Santos last year. profit for 2017 rose to $336 million from $63 million a year earlier, thanks to cost cuts, higher sales volumes and a rebound in oil and gas prices. Analysts had expected underlying profit of $348.5 million, according to Thomson Reuters I/B/E/S.