NZ Refining turns to first-half profit on margin improvement that may not be sustained

Thu, 22 Aug 2013

Aug. 23 (BusinessDesk) – New Zealand Refining, the oil refinery controlled by its major customers, turned to a first-half profit as its margins recovered while warning the improvement may not be sustained in the face of excess global capacity. Profit was $5.3 million in the six months ended June 30, from a loss of $2.4 million a year earlier, when its refinery margin shrank and the high New Zealand dollar eroded its processing fee revenue. Sales rose 12 percent to $126 million, the Marsden Point-based company said in a statement. The gross r...

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