NZ Oil and Gas lifts FY profit on lack of impairments as oil output declines

Mon, 26 Aug 2013

By Jonathan Underhill Aug. 27 (BusinessDesk) – New Zealand Oil & Gas posted a 31 percent gain in full-year profit as impairments against its Pike River loans a year earlier weren’t repeated while its Kupe and Tui fields produced less oil. Profit rose to $25.9 million, or 6.3 cents a share in the 12 months ended June 30, from $19.9 million, or 5 cents, a year earlier, the Wellington-based company said in a statement. Revenue fell 15 percent to $99.3 million. Profit beat First NZ Capital’s forecast of $21.1 million. Finance costs in the lates...

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