NZ Refining posts first-half loss in face of shrinking margins, strong kiwi

Thu, 21 Aug 2014

By Paul McBeth Aug. 21 (BusinessDesk) - New Zealand Refining Co, the Marsden Point oil refinery controlled by its major customers, sank into the red in the first half of the financial year as weak processing margins and a strong kiwi dollar eroded earnings. The Whangarei-based company posted a loss of $6.96 million, or 2.23 cents per share, in the six months ended June 30, from a profit of $5.23 million, or 1.87 cents, a year earlier, it said in a statement after the close of trading. Revenue sank 27 percent to $92.4 million. "By far t...

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