By Phil Boeyen, ShareChat Business News Editor
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Wednesday 13th March 2002 |
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The company reports that in the six months ended December it made a net profit of $2.82 million, an increase of 35% over the same time last year.
Pre tax operating profit was $3.3 million, up 17% on the year before. Ngatoro contributed $2.4 million while Australian operations added $340,000 to the operating result. The interim accounts include Pan Pacific profits earned until 19 December 2001, when it ceased to be a subsidiary.
Executive chairman, Tony Radford, says the first half result also includes a $585,000 gain on the disposition of PPP shares to NZOG shareholders, pursuant to the scheme of arrangement.
"Ngatoro continues to provide a solid source of profit and cashflow for the company which we are looking to substantially build upon, with near term drilling of the high potential onshore prospect at Opito and in the Ngatoro permit."
As at the end of December NZOG held cash of $8.6 million with listed investments valued at $2 million.
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