26 Aug 2009

Energy company profit falls

4:21 pm on 26 August 2009

New Zealand Oil & Gas has reported a fall in full year profit, due to lower returns from its Tui oil field holdings.

The energy company made $53.2 million in the year to the end of June, a decrease of 45% on the previous year.

New Zealand Oil & Gas owns 12.5% of the Tui field, and has a stake in the Kupe oil and gas field, which is due to begin production at the end of the year.

It's also taken a 10% stake in the Albacore oil and gas permit in the Taranaki basin.

The company will pay an unchanged final dividend of 5 cents per share.

It has a 30% stake in coal miner Pike River Coal, which reported a full year loss of $13 million dollars on Tuesday and said its first shipment had been delayed for a second time until the first quarter of next year.