NZ Refining annual profit drops 69% from a record year with margins weaker in 2016

Mon, 27 Feb 2017

By Sophie Boot Feb. 28 (BusinessDesk) - New Zealand Refining's annual profit sank 69 percent from a record a year earlier with margins significantly lower than 2015, when low global oil prices bolstered earnings, despite the oil refinery operator's efforts to improve profitability in the second half. Net profit fell to $47.2 million in calendar 2016, from $150.8 million a year earlier, the Whangarei-based company said. Revenue dropped 21 percent to $354.2 million, while processing fees, NZ Refining's main source of revenue, dropped 27 per...

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