Z Energy lifted first-half earnings by 7% as it gave up volume for stronger margins, and affirmed its guidance for the full year. UPDATED: interview with Mike Bennetts
Newly listed transport fuels distributor Z Energy is heading into the first refresh of its corporate strategy since launching three years ago.
New Zealand Refining plans to shrink its workforce by 8 percent by 2014, cut costs via new electricity and gas supply contracts and boost its hydrocracker yield in the face of 'systemic discounting' from larger refineries in South Korea and India.
Shares in Z Energy jumped 6.6 percent to near the top of its indicative price range in its NZX debut today, valuing the service station chain at $1.49 billion.
Sign up for NBR subscriber content or email alerts
The easiest way for subscribers to stay logged in is to click the "Remember Me" option on the Member Log In box on the top right of this page.