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IFT Infratil Ltd

11.45
0.09 (0.79%)
09 Dec 2024 - Closed
Delayed by 20 minutes
Share Name Share Symbol Market Type
Infratil Ltd ASX:IFT Australian Stock Exchange Ordinary Share
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.09 0.79% 11.45 11.38 11.45 11.60 11.345 11.38 294,638 05:25:28

UPDATE:New Zealand Refining Sees Fiscal Year Net Profit In Range Of NZ$10 Million-NZ$20 Million

16/12/2009 10:44pm

Dow Jones News


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New Zealand Refining Co. (NZR.NZ) said Thursday that refining markets are under severe pressure and it expects net profit in the year to Dec. 31, 2009, to be within a range from NZ$10 million to NZ$20 million.

In the prior year, the country's only oil refiner reported a net profit of NZ$124.9 million.

The company said it was experiencing difficult conditions in the second half, including a high New Zealand dollar hurting processing-fee income, and there remains considerable uncertainty with respect to its final result.

"It certainly just shows how difficult and how volatile the revenue line can be for that company," said First NZ Capital broker Philip Hunter.

The share weakened on the news and was trading down 4.2% at NZ$3.88 at 2150 GMT on extremely light volume.

Hunter said, however, the news was no surprise.

"They had signaled earlier in the year that they didn't expect to make a lot. The share price has been weaker in an otherwise stronger market," he said.

New Zealand Refining said refiners' margins "are under severe pressure worldwide, exacerbated by an oversupply in the global refining market which we expect will take some time to correct." It said its own margins had been very low in the September/October period but expects some recovery in margins--albeit modest--over the coming periods.

Looking ahead, the company also said it has two scheduled major shutdowns in April and September next year and "the replacement of a catalyst in the hydrocracker will see a significant non-discretionary capital spend." It said, however, that it has adequate bank facilities to meet this expenditure.

New Zealand Refining refines around 70% of the country's fuel and uses spare capacity to sell products internationally.

New Zealand Refining is considered an acquisition target, with two stakes currently for sale: a 19.2% interest held by Exxon Mobil Corp. (XOM) and a 17.2% stake owned by Royal Dutch Shell Plc (RDSA, RDSB.LN). Other major stockholders include BP Plc (BP) with a 24% stake and Chevron Corp. (CVX) with 12.7%.

A consortium led by Infratil Ltd. (IFT.NZ) has said it is in exclusive negotiations with Royal Dutch Shell over the possible acquisition of Shell New Zealand Ltd.'s refining and downstream distribution and retailing businesses. It is expected to announce the result of those talks imminently.

 
   By Rebecca Howard, Dow Jones Newswires; 64-4-471-5990; rebecca.howard@dowjones.com 
 

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