NZRC directors told the NZX on Thursday that exceptionally high international refining margins, high utilisation, and operational excellence had contributed to the higher projected revenue of NZ$230-240 million compared to NZ$154 million for 2003. This was expected to result in an after-tax profit of NZ$90-95 million for 2004.

“The higher earnings will assist in funding the Future Fuels project which is on track for commissioning during the third quarter of 2005," the company said.

"The total project cost is expected to be NZ$180 million and NZ$100 million has been spent to date. At this stage a modest increase for the dividend is anticipated and a return to more typical trading conditions in 2005 is expected.”

The directors said an announcement on dividends would be made on February 24.