Europa earns $1.5M in first half
Europa Oil N.Z., Ltd, made an unaudited consolidated tax paid net profit of $1.5 million for the half year ended June 30, compared with $1.2 million for the same period last year. Interest on convertible notes is covered 7.5 times, the directors announce.
The level of profit is still not regarded as satisfactory, the directors say, being depressed because of the increased cost of financing working capital, which is not
being recovered in the market. The problem is exacerbated by the deteriorating value of the New Zealand dollar compared with the United States dollar, the currency in which international oil supplies are priced. The company’s inland sales volume was the same as for the first half of 1980. This nevertheless, again compared favourably to the industry, which declined some 1.2 per cent in the same period.
Permanent link to this item
https://paperspast.natlib.govt.nz/newspapers/CHP19811031.2.97.16
Bibliographic details
Press, 31 October 1981, Page 19
Word Count
142Europa earns $1.5M in first half Press, 31 October 1981, Page 19
Using This Item
Stuff Ltd is the copyright owner for the Press. You can reproduce in-copyright material from this newspaper for non-commercial use under a Creative Commons BY-NC-SA 3.0 New Zealand licence. This newspaper is not available for commercial use without the consent of Stuff Ltd. For advice on reproduction of out-of-copyright material from this newspaper, please refer to the Copyright guide.
Copyright in all Footrot Flats cartoons is owned by Diogenes Designs Ltd. The National Library has been granted permission to digitise these cartoons and make them available online as part of this digitised version of the Press. You can search, browse, and print Footrot Flats cartoons for research and personal study only. Permission must be obtained from Diogenes Designs Ltd for any other use.
Acknowledgements
This newspaper was digitised in partnership with Christchurch City Libraries.