High dollar, tight margins push NZ Refining to full year loss

Thu, 27 Feb 2014

Feb. 28 (BusinessDesk) – Refining NZ, operator of New Zealand’s only oil refinery, has reported a loss for the year to Dec. 31 of $5.0 million, reflecting the impact of a strong local currency and volatile margins caused by the global over-supply of refining capacity. Gross refining margins for the year averaged US$4.58 per barrel of oil, compared with US$5.77 the previous year, and the company is predicting “tough” trading conditions in the current financial year also. No final dividend was declared, making the two cents per share interim d...

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