No dividend for refinery shareholders after loss

16:00, Feb 27 2014

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."

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