Gas and electricity firm Arrow Energy Ltd (ASX: AOE) said on Thursday that its annual gross sales in financial year 2010 indicated strong performance in the June quarter as gas and electricity sales more than doubled from the prior year.

The company said that total gas sales posted an increase of 101.7 percent for the year leading to the end of June while gross electricity sales registered an identical 101.7 percent in the same period, with Arrow's gross gas production also experiencing a spike of 22.5 percent.

Arrow said that its electricity net sales shot up by 150.6 percent though gas net sales plunged by 8.6 percent on the other end, with the company collecting a total sales of $159.21 million in fiscal 2010, which is an improvement of 113 percent from the previous year but a slight slid from accumulated sales seen in the last three months.

The company said that it has achieved a total of $34.11 million in the June quarter, which is an actual decline from the sales posted in the March quarter while gross electricity sales dipped by 10.1 percent in June as against the previous March sales as Arrow cited the unavailability of spot gas in the market.

Arrow said that the fresh data is part of the company's quarterly production figures from its 70 percent owned Daandine project in southeast Queensland where growth has been quickly seen and as shown by the 2009/10 numbers, the site's output had an upturn of 97.2 percent (equivalent of 60.9 percent for Arrow shares) and further registered a climb of 43.1 percent in this year's June quarter.

The company has been the subject of takeover bids coming from two huge energy firms namely PetroChina and Royal Dutch Shell, though the acquisition scheme is still waiting for the approval of the Federal Court and as of June 30 this year, Arrow boasts of a solid cash position amounting to $152.4 million.

As of 1320 AEST on Thursday, Arrow shares were trading at $4.67, losing only a cent of its value from the previous trading day.