Profit

Consequently, BSP’s shareholders K1.74 full year dividend was only marginally higher (0.6%) than the prior year’s K1.73.

According to BSP’s Acting Group CEO Ronesh Dayal, the result was impacted by the K190 million Additional Company Tax (ACT) and a one-off tax credit of K135 million. The tax credit comes after PNG Bank’s closing deferred tax assets and liabilities for 2022 were re-measured at 45%, in accordance with international accounting standards, given the PNG commercial bank tax rate increase from 30% to 45% in 2023.

In a statement announcing the full year results for 2017, the company says the profit is buoyed by strong oil and gas prices and strong production levels.

Managing Director Peter Botten said: “Sales revenue benefited from the rise in global oil and gas prices, with the average realised oil and condensate price increasing by 24 percent to US$55.68/barrels of oil (bbl) and the average realised LNG and gas price 21 percent higher, at US$7.67/one million British Thermal Units (mmBtu).

The airline in announcing its 2017 half year results say the company achieved positive results in terms of profit compared to last year’s.

The airline introduced its 6th brand new ATR 72-600 aircraft in June as part of the strategy.

PNG Air’s CEO Muralee Siva said “We were able to increase passenger revenue by nearly 27% compared to the corresponding period in 2016, despite having the same overall capacity. 

This indicates the attraction of the ATRs we’ve been bringing in to replace the older Dash 8 aircraft and justifies the strategy we’ve followed”.

In its Half Year Report to the Port Moresby Stock Exchange, the company stated that, “The mid-year economic outlook for PNG presents significant challenges for the country and consequently trading conditions for businesses.

“Uncertainty over the level and availability of foreign exchange remains a downside risk on input costs and potential investment in several of the group’s activities for the remainder of 2016 and into next year.

This is 350% increase from the first half of 2015.

The results confirm the benefits of Kina's K349 million acquisition of Maybank PNG, completed in September 2015, which effectively doubled the size of the Kina business.

Chief Executive Syd Yates said the results were pleasing and demonstrated that the merger was delivering excellent returns for shareholders.

"The Company has made great progress in the past six months. Our lending has increased sharply, and our asset quality is sound.

The Group profit after tax was up by 10% (+K15m) to K158.1m from K143.3m in the first quarter of this year.

Group’s Deputy Chief Executive Officer Johnson Kalo said the increase was mainly from Interest and Lending income as well as FOREX income driven by more foreign currency being traded in the quarter.

The Group’s Year To Date (YTD) Net profit after tax (NPAT) is K301.4m improved from (pcp) of 2015 (K267m), 39% of the increase coming from new Acquisitions.

The Group recorded a consolidated operating profit after tax of K531.9 million for the 2015 financial year, a 4.8% increase on the consolidated 2014 operating profit after tax of K507.3 million.

The total assets of the Group increased, by approximately K2.4billion to K18.196 billion, partially due to the acquisition of Westpac’s Pacific branches in Samoa, Tonga, Cook Islands and the Solomon Islands.

The Group’s revenues have also increased 3.2% during the year.

This result was achieved despite 2015 being one of the most challenging years in recent history for the oil and gas industry.

Managing Director Peter Botten said despite strong operating results from their key assets, Oil Search is clearly not immune to low oil and gas prices.

“Fortunately, our producing assets are in the lowest quartile of operating costs in the region and we have a strong balance sheet, which allows us to continue to judiciously invest in what we believe are very competitive, potentially high returning growth projects.