Z Energy cuts forecast by $60m citing 'unprecedented' discounting

Wed, 11 Sep 2019

By Gavin Evans Sept. 12 (BusinessDesk) - Z Energy has cut its earnings guidance by $60 million, citing “unprecedented” discounting and weaker than expected margins at the Marsden Point refinery. The firm says its earnings before interest, tax, depreciation, amortisation and changes in financial instruments for the year ending March 31 will be $390-$430 million, down from the $450-$490 million previously estimated. It also lowered its expected dividend range to 48-50 cents, from 48-54 cents. New Zealand’s biggest fuel retailer says m...

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