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News // Asia

Papua New Guinea Oil Firm's Annual Profit Dropped

19 February 2008 , 09:12505
Oil Search Ltd, the oil firm of Papua New Guinea, has reported its first drop in annual profit in five years but says its core oil business in Papua New Guinea (PNG) remains robust.

Net profit for calendar 2007 fell 66.7 per cent to $US137.195 million ($A164.207 million) from the prior year as higher depreciation, amortisation and exploration costs negatively impacted its result.

The impact of a rise in the company's effective tax rate, due to the non tax deductibility of Middle East exploration costs, also hampered the bottom line.

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