Refining margins tumble

By Phil Boeyen, ShareChat Business News Editor

Friday 10th August 2001

Margins at New Zealand Refining (NZSE: NZR) have shown a sharp drop.

The company says high margins prevailed during April and May, with a sharp decline commencing in April and continuing through June.

Latest figures show the margin for May/June has been slashed to US$1.09 a barrel compared with the March/April figure of US$2.71 per barrel.

However this is still higher than for the May/June last year when the margin was US$0.84 per barrel.

Fees for May/June totalled NZ$9.28 million compared with NZ$30.63 million in the previous two-month period.

NZR is majority owned by the major oil companies and for the year ended December 2000 recorded a tax-paid profit of $69.45 million.

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