UPDATE: Z Energy profit falls on Flick write-down; stock rises

By Gavin Evans | Thu, 31 Oct 2019


(Adds comment on Flick from fifth paragraph, market conditions and investor comment to end.) 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 Fl...