BP, rival NZ petrol chains lift profits despite falling sales as oil prices recover

Tue, 06 Jun 2017

By Sophie Boot June 6 (BusinessDesk) - New Zealand's biggest petrol chains increased their profits in 2016 despite revenue dropping, as rising oil prices made their inventories more valuable. The New Zealand division of British Petroleum, one of the world's largest oil and gas companies, lifted annual profit 15 percent in 2016 to $147 million, though revenue dropped 3 percent to $2.7 billion, financial statements lodged with the Companies Office show. Cost of sales fell 7 percent to $2 billion, meaning gross profit rose 10 percent from a...

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