Z Energy cuts guidance a second time as 1H earnings drop 21%

Wed, 31 Oct 2018

By Gavin Evans Nov. 1 (BusinessDesk) - Z Energy has cut its full-year earnings guidance after rising oil prices and a weaker New Zealand dollar slashed its first-half operating profit by 21 percent. Those impacts, new taxes and weaker retail spending have prompted the company to lower its forecast earnings before interest, tax, depreciation, amortisation and changes in financial instruments to between $400 million and $435 million. In July the company cut its forecast by $30 million to a range of $420 million to $455 million. “Given...

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