NZ Refining turns to first-half loss on slimmer refinery margin, high kiwi

Thu, 23 Aug 2012

Aug. 23 (BusinessDesk) - New Zealand Refining, which operates the nation’s only oil refinery, turned to a first-half loss as its refinery margin shrank and a high kiwi dollar ate into its processing fee revenue. The net loss was $1.5 million in the six months ended June 30, from a profit of $31 million a year earlier, the company said in a statement today. Revenue tumbled 28 percent to $113 million, while operating expenses rose 1.7 percent to $113.9 million. The shares rose 2.3 percent to $2.66 and have fallen 8.9 percent this year. The com...

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