Thursday 21st August 2008 |
Text too small? |
Net income fell to NZ$54 million, or 22.5 cents a share, from NZ$59.9 million, or 25 cents, a year earlier, the company said in a statement. Operating revenue rose 13% to NZ$182.8 million.
The company enjoyed record refining margins in the first half, as demand for fuel world-wide lifted charges for processing oil. Its margin is based on refining charges in Singapore.
"It is now apparent that with the recent reduced demand and increased regional refining capacity, the high margins experienced in the first half of 2008 may not be sustained," the company said.
New Zealand Refining stock rose 1.3% to NZ$7.09 today. It has declined 14% in the past three months.
The company controlled by Royal Dutch Shell, Chevron Corp., Exxon Mobil Corp. and BP Plc. Will pay a first-half dividend of 15 cents a share.
Expenses rose 17% in the first half, led by a 66% surge in materials and utilities. Electricity costs rose by NZ$8.6 million in the first half, even though the company had hedged 50% of its estimated demand.
No comments yet
Second St John withdrawal of labour takes effect tomorrow with further strikes likely
Sanford Appoints Independent Director
CRP ADVISES CLOSURE OF SHARE OFFER TO EXISTING INVESTOR
Devon Funds Morning Note - 14 August 2024
OCR 5.25% - Monetary restraint tempered as inflation converges on target
Consumers still need due diligence as new deposit takers emerge.
Woolworths strike: staff asked to dress up in Disney costumes for a week on their own dollar
Turners Invests in Quashed Online Insurance Platform
PGW Reports on Challenging Year
Arvida Announces Executive Team Changes