NZ Refining first-half profit more than triples, pipping expectations

Wed, 23 Aug 2017

By Paul McBeth Aug. 24 (BusinessDesk) - New Zealand Refining more than tripled first-half profit as above-average margins bolstered earnings for the operator of the Marsden Point oil refinery, paving the way for a slightly higher dividend than expected. Net profit jumped to $35.2 million, or 11.25 cents per share, in the six months ended June 30 from $11.6 million, or 3.71 cents, a year earlier, the Whangarei-based company said in a statement. Revenue gained 22 percent to $190.6 million, with a gross refinery margin of US$7.70 a barrel a...

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