BP New Zealand more than triples annual profit as petrol chains widen margins on cheap oil

Sophie Boot
Fri, 10 Jun 2016

By Sophie Boot June 10 (BusinessDesk) - The New Zealand division of British Petroleum, one of the world's largest oil and gas companies, more than tripled net profit in 2015 even as revenue fell, joining the country's major petrol chains in fattening margins due to plunging oil prices. BP New Zealand lifted net profit to $128 million in calendar 2015 from $30.3 million a year earlier, even as revenue fell 15 percent to $2.7 billion, financial statements lodged with the Companies Office show. BP's cost of sales fell 23 percent to $2.2 bill...

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