NZ Oil and Gas $75.9 million in the red
Tragedy at the Pike River coal mine has weighed heavily on the books of New Zealand Oil & Gas (NZOG) – $75.9 million in the red for the year to June 30.
However the net loss revealed this morning was an improvement on the position at half-year when the net loss stood at $99 million.
NZOG earned total operating revenue of $106.5 million and recorded a gross profit from operating activities of $52.7 million.
But the listed oil and gas company’s bottom line was severely impacted by last year’s tragic events claiming 29 lives at its 30%-owned West Coast mine, in receivership, with related provisions and losses adding up to $98.8 million.
Unrealised after-tax foreign exchange losses of $7.7 million were also recorded.
Excluding these two items, the normalised net profit for the year was $30.6 million, which could be compared with $14.7 million for the same time last year.
There's no doubt the Kupe gas and oil field off the south Taranaki coast is now NZOG’s largest revenue source, providing $66.33 million in revenue.
Although the board said in February it would not pay a dividend this year, it has decided to distribute a fully tax paid annual dividend of 2 cents a share in September.
Shares in NZOG are trading at 62c, almost half what they were valued at this time last year.