NZ Refining shutdown to trim $40 mln from annual profit as costs pile up

Sun, 24 Jun 2018

By Rebecca Howard June 25 (BusinessDesk) - New Zealand Refining shares fell after the Marsden Point refinery operator said a longer planned outage than anticipated will cost more and hit the bottom line harder than previously forecast. The Whangarei-based company said the shutdown would cost $25 million to $30 million more than the $85 million it previously forecast, implying a cost of $110 million-to-$125 million, and will cut $40 million from profit in calendar 2018 as opposed to $30 million previously flagged. In the year to Decembe...

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