Z posts $19m loss on covid, refinery costs

Wed, 04 Nov 2020

Z Energy reported a $19 million first-half loss after covid-19 restrictions slashed fuel sales and required the company to help cover the costs of the Marsden Point oil refinery it part-owns.The net loss for the six months ended Sept. 30, calculated on a replacement cost basis, compares with a $22 million profit a year earlier. Earnings before interest, tax, depreciation, amortisation and financial instruments fell 48 percent to $95 million.Revenue fell 39 percent to $1.49 billion after fuel volumes fell 28 percent to 1.38 billion litres. Most...

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