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

 

Shell New Zealand 2001 profit announcement


Shell New Zealand 2001 profit announcement

The Shell New Zealand group of companies announced an after tax profit of NZ $200.48 million for the 2001 year (2000: $178.3 million).
Shell's combined retail and commercial oil products (OP) businesses had a difficult year in 2001, reflecting the fiercely competitive local marketplace for fuels coupled with the large oil and product price rises experienced over the year. This competitive environment resulted in considerably reduced product margins, so that the OP business produced a net profit of $31.155 million in 2001, some 50% less than that of 2000 ($62.4 million).
Shell's exploration and production business (EP) contributed a profit of $172.35 million, well up on the 2000 result ($113.8 million).

Shell New Zealand Country Chairman Lloyd Taylor said that the improved EP result reflected in large part the contribution from upstream businesses acquired with Fletcher Challenge Energy (FCE) on 23 March 2001.

However, Dr Taylor said that direct comparison with the 2000 EP result was not straighforward, due to the complex nature of the FCE transaction, and the differing balance dates for the Shell and FCE entities. The result included one off costs associated with integration and some of the impacts of divestment transactions.

"This EP result is satisfactory, and reflects the costs associated with the acquisition of Fletcher Challenge Energy, which has seen Shell New Zealand become the country's largest and most efficient producer and marketer of oil and gas," Dr Lloyd Taylor said.
"While the OP result was disappointing, it was not unexpected and
mirrors the difficult downstream business conditions that have prevailed globally in the last eighteen months. Despite the difficult environment, Shell has been able to maintain market leadership on the retail side of the business through proactive fuel discounting initiatives and special promotions and benefits, including Fly Buys. This has ensured that Shell's customers are receiving the most competitive and compelling value proposition."

Dr Taylor said Shell New Zealand was releasing its second Sustainable Development Report today, which for the first time has been independently verified.

"Shell is committed to sustainable development and part of that
commitment is reporting on our progress. We are not just interested in making a profit, although that is critically important for today and the future. We also have a committed focus on valuing people and our planet on an equal footing with the financial wealth we create as a New Zealand commercial enterprise," Dr Taylor said.

Shell companies in New Zealand are all wholly owned by the Royal
Dutch/Shell Group of Companies, based in Holland and the United Kingdom.
As such Shell is not required to make a public announcement of profits, but does so in the interests of transparency.

© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 




Civil Contractors: Massive Rebound In Civil Construction Business Confidence

New Zealand’s civil construction industry is riding a massive rebound in post-pandemic business confidence – but this may be undermined by skills shortages, which continue to be the industry’s number one challenge... More>>



Energy: Feeling Our Way Towards Hydrogen - Tina Schirr

Right now hydrogen is getting a lot of attention. Many countries are focusing on producing hydrogen for fuel, or procuring it, or planning for its future use... More>>

Maritime Union: Calls For New Zealand Shipping To Resolve Supply Chain Crisis

The Maritime Union says there needs to be innovative responses to ongoing shipping congestion. Maritime Union of New Zealand National Secretary Craig Harrison says it is essential that New Zealand develops its own shipping capacity... More>>


Housing: New Home Consents Continue To Break Records

A record 44,299 new homes were consented in the year ended June 2021, Stats NZ said today. “The annual number of new homes consented rose again in the June 2021 year, the fourth consecutive month of rises,” construction statistics manager Michael Heslop said... More>>


Real Estate: June Home Transfers Remain High
There were 44,517 home transfers in the June 2021 quarter, the highest June quarter figure since 2016, Stats NZ said today. The number of home transfers was very similar to the March 2021 quarter and was up 18,252 from the June 2020 quarter... More>>



Statistics: Household Saving Falls In The March 2021 Quarter

Saving by New Zealanders in the March 2021 quarter fell to its lowest level in two years after rising sharply in 2020, Stats NZ said today. Increases in household spending outpaced income growth, leading to a decline in household saving from the elevated levels that prevailed throughout 2020... More>>

ALSO: