Energy company New Zealand Oil and Gas Ltd (NZO.NZ) reported a 45 percent fall in full year net profit on Wednesday, on the back of lower returns from its Tui oil field.
Net profit for the year to June 30 was NZ$53.2 million ($36.4 million), compared with a profit of NZ$97.2 million a year ago. Analysts surveyed by Reuters Estimates had expected a net profit of NZ$60.6 million.
The company said it would pay an unchanged final dividend of 5 cents per share.
Shares in the company closed on Tuesday at NZ$1.65. The stock has gained around 27 percent so far this year, compared with a 13 percent gain for the benchmark NZSX-50 index .NZ50.
The company is a junior partner in the Tui field as well as the Kupe oil and gas field, which is due to begin production in the last quarter of 2009.
NZ Oil and Gas said earlier on Wednesday it had taken a 10 percent stake in the Albacore oil and gas permit, which like Tui and Kupe is in New Zealand's resource-rich region of Taranaki. [ID:nWLF004346]
It also has a 30 percent stake in coal miner Pike River Coal (PRC.NZ), which on Tuesday reported a higher loss of NZ$13 million and said its first shipment had been delayed for a second time loss until the first quarter of 2010. [ID:nWEL61110] ($1=NZ$1.46)