Z Energy first-half profit drops on Flick writedown

Z Energy first-half profit drops on Flick writedown
Gavin Evans
Z Energy has reported a 72 percent fall in first-half net profit after writing $35 million off the value of its stake in spot power retailer Flick Electric. The write-down and tough retail fuel competition saw the company report a net profit of $22 million for the six months ended Sept. 30. The earnings, calculated on a replacement cost basis, contrast with the $72 million reported a year earlier. Z paid $46 million for a 70 percent stake in Flick in August last year as part of a strategy to widen its offering to customers and find low-ca...

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