NZ Refining sees profit bounceback at full year

Thu, 19 Feb 2015

By Pattrick Smellie Feb. 20 (BusinessDesk) - NZ Refining, operator of New Zealand's only oil refinery, turned to an annual profit, from a loss a year earlier, as cost-savings initiatives and improved refining margins combined to overcome what chairman David Jackson said had been "an extremely difficult operating environment." The Whangarei-based company reported net profit of $10 million in the year ended Dec. 31, turning around both a first-half loss and a $5 million loss in the previous full financial year, it said in a statement. "A...

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