Strong New Zealand dollar impacts earnings

The New Zealand Refining Company has taken a NZ$15.5 million (US$11 million) hit from the strong kiwi dollar in the first-half. The listed refiner said its interim net profit fell 28% to NZ$59.8 million (US$42.4 million) from NZ$83.2 million (US$59.1 million) in the same period last year. Refining revenues declined 27% to NZ$142.4 million (US$101.1 million), with total turnover off 24% at NZ$161.2 million (US$114.4 million). Chief Financial Officer Dennis Martin attributed the NZ$21.5 million (US$15.3 million) of the refining revenue fall to lower margins. (August 23, 2007)