20 Jun 2009

Energy company's profit falls

1:31 pm on 20 June 2009

King Country Energy made a profit of $3.5 million in the year to March, a decrease of 50% on the same period a year ago.

The company says the fall reflects a $1.2 million tax gain last year, and changes in the value of hedge contracts.

Meanwhile, the company has appointed Rob Foster as its new chief executive. Mr Foster, who works for ABN Amro Craigs, starts in August.