No dividend for refinery shareholders after loss

Last updated 05:00 28/02/2014

Relevant offers


New York enacts restrictions on Airbnb, with fines of up to $10,000 Court action on 'shonky' steel mesh creates pressure for government inquiry Female lawyers charge-out rates lag behind their male colleagues Weight Watchers campaign joins list of PR blunders Opportunist builders, dodgy steel and shonky standards create new building crisis 'worse than leaky homes' Skills shortage results in firms looking internally to fill roles, recruitment firm says Pumpkin Patch in trading halt - too much debt, not enough capital British American Tobacco offers to buy Reynolds in US$47 billion deal Backlog of defective buildings and shoddy workmanship sparks calls for building warranties Ikea NZ Facebook page set up: Is it finally coming to NZ?

The New Zealand Refining Company has recorded a loss of just over $5 million in the year to December, down 116 per cent on the previous year's result.

Revenue for the Northland-based company was $223.2m, down 20 per cent ($278.5m) on the previous year.

The directors of the NZX-listed company resolved not to pay a final dividend.

The company said in a statement issued late yesterday the result came on the back of a strong New Zealand dollar and the continued volatility of refiners' margins.

Company chairman David Jackson said the result was disappointing for shareholders, adding that it was a reflection of an increasingly difficult business environment for refining.

"In light of the continued strength of the New Zealand dollar and the excess of refining capacity, this result is not surprising. Our predictions were that 2013 would prove difficult."

Ad Feedback

- The Dominion Post

Special offers

Featured Promotions

Sponsored Content