New Zealand Refining interim profit up 7.5%
Margins up but squeezed by high New Zealand dollar.
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New Zealand Refining Company (NZX:NZR) has reported an interim net profit after tax of $31 million for the six months ended June 30, 7.5% up on the same period last year.
The company increased its revenue to $157.9 million, up 16.9% on the same period last year.
In the first six months of the year, margins averaged $US6.56 per barrel.
As a result, NZ Refining has been able to strengthen its liquidity position substantially, reducing debt from $86 million at the beginning of the year to about $54m at the end of June.
However, margin gains have been countered by the weakening US dollar, which has had a “marked” impact on the company’s processing fee revenue.
Since January, the dollar has ranged from 74c to 89c, averaging 78c during the six month period to June.
Niko Kloeten
Mon, 22 Aug 2011
Mon, 22 Aug 2011
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New Zealand Refining interim profit up 7.5%
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