New Zealand Oil & Gas Limited (AU:ECH) has released an update.
New Zealand Oil & Gas Limited reported mixed financial outcomes for the year ended 30 June 2024, with a notable 43% increase in underlying profit after tax to NZ$15.4 million, excluding a significant non-cash impairment. However, the company saw a 6% decrease in revenue and a 63% decline in profit after tax to NZ$3.9 million, inclusive of the impairment due to setbacks in the Kupe development and external pipeline closures. Despite these challenges, the firm’s cash position strengthened, and a final dividend was announced, reflecting confidence in their financial resilience and future prospects.
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