Oil refining company Refining NZ made a $32.6 million profit for the year to the end of December, down 5 per cent on the previous year.
Refining NZ said record processing levels in "challenging" conditions had seen the company improve on a disappointing first half of the year, when it made a loss of $1.5 million.
Refining NZ declared a final dividend of 5 cents a share to be paid on March 28.
For the full December year, operating profits were $113.5m, down 14 per cent on the year before.
Chairman David Jackson said the result was better than expected, given a strong New Zealand dollar averaging US81c for the year, volatile refiners' profit margins and increasing global competition.
The Northland refinery posted a record throughput of 42.1 million barrels, which helped the company capitalise on improving refining margins.
The gross refiners' margin was weak in the first half of the year at US$4.36 a barrel, but improved later in 2012 and averaged US$5.77 for the full year.
For the December year, revenues were $278.5m, down 4 per cent on the previous year.