Friday 17th December 2010 |
Text too small? |
NZ Refining Co earnings has bounced back part way, with it expecting net profit of $55 million to $65 million for the year to the end of December.
In 2009 the company's net profit was $23.6 million, down from $124.9 million in 2008.
The company today said its gross refining margins during the year-to-date had been relatively healthy and ahead of its expectations.
The average refining margin earned for the 10 months to October 31 was $US6.03, and since then margins had continued to track in the $US6 to $US7.50 range.
NZ Refining also said it had continued to repay debt on the Point Forward Project, from healthier cash flows, which would enable management to consider future growth opportunities.
Point Forward made major modifications to crude distilling at the Marsden Pt refinery, taking four years and costing $191 million.
NZ Refining shares were up 25c to $4.35, its highest level for a year, in lunchtime tradin.
NZPA
No comments yet
Devon Funds Morning Note - 14 October 2025
October 15th Morning Report
Scott Secures $44M Appliance Contracts Across Americas
October 14th Morning Report
Can reporting what a witness says ever be an attempt to "harass and attack"?
Rakon director appointment
October 13th Morning Report
BPG - Quarterly Report Investor Webinar
RYM - Second quarter trading update
October 9th Morning Report