Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search


Shell NZ after tax profit of $240 million

Media Statement
For Immediate Release
26 June 2003

Shell New Zealand announces after tax profit of $240 million

The Shell New Zealand companies today announced a record after tax profit of $239.9 million for the 2002 year. This is an increase of 19.5 percent over that achieved in 2001 ($200.8 million).

This profit result was generated on an asset base of $3.75 billion, representing a relatively modest return on assets of 6.4 percent.

The Exploration and Production (EP) business contributed $153 million to the 2002 profit, while the Oil Products (OP) business posted $86.9 million profit.

Shell Chairman, Dr. Lloyd Taylor, said today, “A strong underlying operational performance in all business sectors was assisted by high average oil prices, combined with the first full year contribution from the 2001 acquisition of Fletcher Challenge Energy.

“However, the headline result is not necessarily representative of the underlying performance of each business. The Oil Products business was assisted by substantial stock holding valuation gains due to rising oil prices. Corrected for this, the underlying 2002 Oil Products business result was a reduction of 11 percent relative to that achieved in 2001, reflecting the intensely competitive retail and commercial fuels markets.

“On the other hand, the Exploration and Production business profit was adversely impacted by a $148 million foreign exchange accounting loss, thus understating the underlying operational performance which was up some 75 percent on that achieved
in 2001.”


© Scoop Media

Business Headlines | Sci-Tech Headlines


Watch This Space: Mahia Rocket Lab Launch Site Officially Opened

Economic Development Minster Steven Joyce today opened New Zealand’s first orbital launch site, Rocket Lab Launch Complex 1, on the Mahia Peninsula on the North Island’s east coast. More>>


Marketing Rocks!
Ig Nobel Award Winners Assess The Personality Of Rocks

A Massey University marketing lecturer has received the 2016 Ig Nobel Prize for economics for a research project that asked university students to describe the “brand personalities” of three rocks. More>>


Nurofen Promotion: Reckitt Benckiser To Plead Guilty To Misleading Ads

Reckitt Benckiser (New Zealand) intends to plead guilty to charges of misleading consumers over the way it promoted a range of Nurofen products, the Commerce Commission says. More>>


Half A Billion Accounts, Including Xtra: Yahoo Confirms Huge Data Breach

The account information may have included names, email addresses, telephone numbers, dates of birth, hashed passwords (the vast majority with bcrypt) and, in some cases, encrypted or unencrypted security questions and answers. More>>


Rural Branches: Westpac To Close 19 Branches, ANZ Looks At 7

Westpac confirms it will close nineteen branches across the country; ANZ closes its Ngaruawahia branch and is consulting on plans to close six more branches; The bank workers union says many of its members are nervous about their futures and asking ... More>>

Interest Rates: RBNZ's Wheeler Keeps OCR At 2%

Reserve Bank governor Graeme Wheeler kept the official cash rate at 2 percent and said more easing will be needed to get inflation back within the target band. More>>


Get More From Scoop

Search Scoop  
Powered by Vodafone
NZ independent news