Oil and gas giant OMV NZ reports higher profits

OMV lifts it assets' valuation as it looks for a buyer. (Image: NZME)

Mon, 10 Apr 2023

Oil and gas company OMV New Zealand has reported higher profits, assets and decommissioning costs.The latest accounts follow OMV saying it wanted to sell all its NZ assets.The NZ subsidiary of multinational OMV said for the 12 months ending Dec 31, 2022, it made earnings before interest and tax (Ebit) of $489.5 million up from $184.2m in the previous calendar year.The Ebit figures include some noise, with the latest year balancing out $399.6m of capitalised depreciation and impairment charges against a $396.2m writeback in the value of previous...

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