Weak dollar, low oil price delivers 'remarkable' first half turnaround for NZ Refining

Wed, 19 Aug 2015

By Pattrick Smellie Aug. 20 (BusinessDesk) - New Zealand Refining, the country's only oil refinery, has delivered what management describe as a "remarkable improvement" in its first half, underpinned by a weaker currency and dramatically lower oil prices. The Marsden Point refinery posted an after-tax profit of $65.2 million in the six months ended June 30, compared with a loss of $6.9 million from the same period last year, it said in a statement. The company will return a 5 cents per share dividend to shareholders, its first distrib...

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