NZRC - the owner-operator of this country’s sole refinery at Marsden Pt - expects higher projected revenue from refining operations of NZ$230-240 million, compared with NZ$154 million for 2003.
NZRC directors say they expect a net 2004 profit of NZ$90-95 million (the 2003 operating surplus before tax was NZ$59.6 million).
“The higher earnings will assist in funding the Future Fuels project which is on track for commissioning during the third quarter of 2005,” the directors told the NZX. Total project cost is expected to be NZ$180 million, with NZ$100 million have been spent so far.
The directors added they would make an announcement regarding dividends on February 24. At this stage they anticipated a modest dividend increase (on the NZ60 cents of 2003) and a return to more typical trading conditions during 2005.
