Refining NZ earnings slashed by shutdown; record throughput planned for 2019

Thu, 21 Feb 2019

By Gavin Evans Feb. 22 (BusinessDesk) - New Zealand Refining reported a 62 percent slide in full-year profit after a major shutdown reduced throughput and regional processing margins fell. Net profit fell to $29.6 million in the 2018 calendar year, from $78.5 million in 2017. Revenue fell 13 percent to $359.6 million, with average margins declining to US$6.31 a barrel from US$8.02 the year before. Throughput fell to 40.44 million barrels, 3 percent less than a year earlier. The company had previously indicated the shutdown, the largest...

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