NZR
20/01/2015 09:00
FORECAST
PRICE SENSITIVE
REL: 0900 HRS The New Zealand Refining Company Limited
FORECAST: NZR: Profit Forecast for Refining NZ's FY14
Following the release of Refining NZ's Throughput and Margin report for the
November/ December period the Company is announcing that it expects to post a
full year 2014 NPAT (net profit after tax) of between NZD 9.5 million and NZD
10.5 million, subject to external audit.
The expected FY 2014 NPAT represents a major improvement over the Company's
half year result and is significantly better than the profit matrix published
at the start of the year.
The expected FY 2014 result has been driven by the Company's 2014 margin
initiatives, a Gross Refinery Margin (GRM) of USD 9.98 for November/ December
(the highest in five years), excellent operational and cost performances,
favourable crude prices and an improved USD exchange rate.
The Company will make its Full Year Announcement on 20 February 2014.
ENDS
For further information:
Greg McNeill
Communications & External Affairs Manager
T: (09) 4325115; M: 021 873623; E: [email protected]
End CA:00259880 For:NZR Type:FORECAST Time:2015-01-20 09:00:26
