NZOG 1H loss widens on Tui, Maari writedowns; cost-cutting to go up to the boardroom

Sun, 28 Feb 2016

By Paul McBeth Feb. 29 (BusinessDesk) - New Zealand Oil & Gas, whose chairman Peter Griffiths unexpectedly resigned this month, widened its first-half loss as it wrote down the value of its Tui and Maari investments and switched its accounting policy to cope with a cheaper oil environment. The Wellington-based company posted a net loss after minorities of $27.6 million, or 7.9 cents per share, in the six months ended Dec. 31, compared to a loss of $7.7 million, or 1.8 cents a year earlier. The latest loss included an $8.7 million impa...

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