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,...

Not convinced yet?

Subscribe to our Daily News Update free newsletter.

Markets
Xero’s US revolving door continues to spin
Jenny Ruth | Thu, 18 Aug 2022

Xero’s progress in Britain continues to be “more subdued than we’d like”, chief executive Steve Vamos told the annual shareholders’ meeting.

Art
Artists could get resale royalties – but what about TradeMe?
Warren Feeney | Thu, 18 Aug 2022

Those in the art world are asking where TradeMe fits into the conversation as NZ starts to pay artists a percentage of the resale of their works.

Property
Higher house prices not caused by build costs – Treasury
Brent Melville | Thu, 18 Aug 2022

Restricted land supply has been a prime driver of housing inflation, a new report says.

Sponsored
In uncertain times, bricks and mortar hold steady

Can real estate provide a hedge against high inflation? Scott McKenzie, CEO of PMG Funds, talks about why tangible assets can be defensive and how PMG’s latest investment offer will help make the fund more resilient.

Sponsored
Communication the barrier to ‘human firewall’ technology

Communication is the barrier to New Zealand adopting the global Zero Trust cybersecurity strategy, says a new survey.