Refining NZ withholds dividend on virus, volatility

Thu, 27 Feb 2020

Refining New Zealand is seeking cost savings and considering other tactical responses as the coronavirus adds to pressures on the company’s processing margins.The company today reported an 86 percent drop in 2019 net profit after the US-China trade war, sanctions, and changes in marine fuel standards slashed global processing margins late last year.It noted that margins had remained weak in January and February and that the coronavirus was likely to heighten market volatility in the first half of 2020.But managing director Paul Zealand said the...

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