UPDATE: New Zealand Refining FY09 Net Profit NZ$23.6 Million, Down 81%
15 Febrero 2010 - 9:06PM
Noticias Dow Jones
New Zealand Refining Co. Ltd. (NZR.NZ) said Tuesday its net
profit in the year to Dec. 31 fell sharply as margins shrank
drastically in the second half of the year.
The company reported a net profit of NZ$23.6 million in the 12
months to Dec. 31, down from NZ$124.9 million a year ago on revenue
of NZ$250.5 million against NZ$397.8 million.
In December, the country's only oil refiner forecast full-year
net profit would be in a range of NZ$10 million to NZ$20 million
given the tough operating conditions.
Chairman David Jackson said the result was disappointing
although widely anticipated "given the volatile market conditions
experienced in the second half of 2009."
Jackson said conditions were dominated by the global financial
crisis which saw demand for oil products falter just as new
refinery capacity had come online and the resulting oversupply has
continued to depress refiners' margins.
"To put this into context, at the beginning of the year the
company's refining margin was around US$12 per barrel but by the
end of the year this margin had reduced to around US$1 per barrel,"
he said.
Jackson said the situation was exacerbated by the strengthening
New Zealand dollar which resulted in lower processing fee
income.
While he said there has been a "slight improvement" in margins
from late December through January 2010 "the supply/demand
fundamentals have not changed sufficiently to expect a sustained
recovery in refinery margins at this stage."
New Zealand Refining, partly owned by units of the world's oil
majors, refines around 70% of the country's fuel and uses spare
capacity to sell products internationally.
Both a 19.2% interest held by Exxon Mobil Corp. (XOM) and a
17.2% stake owned by Royal Dutch Shell Plc (RDSA) are up for sale.
Shell's stake is in the final stages of sale to a consortium led by
New Zealand utilities investor Infratil Ltd. (IFT.NZ), which has
agreed in principal to buy Shell's downstream distribution and
retailing assets.
Other major stockholders include BP Plc (BP) with a 24% stake
and Chevron Corp. (CVX) with 12.7%.
Jackson said company directors had resolved not to pay a final
dividend due to ongoing uncertainty of world refining margins,
continued exchange rate volatility, a need for NZ$44 million in
non-discretionary capital expenditure during 2010 and an expected
change in shareholders.
-By Rebecca Howard, Dow Jones Newswires; 64-4-471-5990;
rebecca.howard@dowjones.com
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