N.Z. Pet has $1.5M profit
The New Zealand Petroleum Company reports a profit of $1,544 million for the year ended May 31. This result includes an extraordinary profit of $294,000. The previous year, an extraordinary cost of $924,000 led to an over-all loss of $144,000. N.Z. Petroleum, though listed in New Zealand, is largely owned by American, interests. Triton Energy Corporation, of Dallas, holds 63.7%. The company has mineral
exploration licences in Westland and Southland, and has explored extensively in Southland in association with Amoco N.Z. Exploration. Shareholders’ funds at May 31 were $11.97M, compared with $10.43M a year earlier. The company had $1,060,000 invested companies at May 31, compared with $745,000 a year earlier. The income in the latest year was $1,580,000 (.1987-88: $1,370,000), which included foreign exchange gains of $llB,OOO.
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Press, 26 July 1989, Page 31
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132N.Z. Pet has $1.5M profit Press, 26 July 1989, Page 31
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