BP New Zealand 2014 profit sinks 70% as cheap oil erodes inventory value

Tue, 14 Jul 2015

By Paul McBeth July 14 (BusinessDesk) - BP New Zealand Holdings, the country's biggest petrol station chain by sales, reported a 70 percent slump in annual profit last year as falling oil prices late in the period eroded the value of its inventory, generating its smallest earnings in more than a decade. Net profit dropped to $30.3 million in calendar 2014 from $102.4 million a year earlier, even as sales revenue was largely unchanged at $3.3 billion, according to the Auckland-based arm of the multi-national company's financial statements,...

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