The New Zealand Refining Company (NZRC) has announced a 45% after tax profit drop to $29 million for the six months to 20 June 2010.
This compares to $52 million made during the same period last year.
NZRU chairman David Jackson described the result as
The New Zealand Refining Company (NZRC) has announced a 45% after tax profit drop to $29 million for the six months to 20 June 2010.
This compares to $52 million made during the same period last year.
NZRU chairman David Jackson described the result as better than expected - with his statement backed up by the Marsden Point-based company’s decision today to pay an interim dividend of 2c a share.
The company paused dividends last year after disappointing results.
Refining margins for the first half year are relatively healthy at $US5-7 a barrel compared to margins close to $US1 experienced towards the end of 2009.
But Mr Jackson said that global market conditions remain uncertain for the sector.
“We fully expect that further volatility in the refining sector will continue to affect refiners’ margins.”
Shares in NZRU (NZX: NZR) last traded up 4% to $NZ3.120.
