Profit Forecast for Refining NZ’s FY14

Announcement to NZX

Profit Forecast for Refining NZ’s FY14

Following the release of Refining NZ’s Throughput and Margin report for the November/ December period the Company is announcing that it expects to post a full year 2014 NPAT (net profit after tax) of between NZD 9.5 million and NZD 10.5 million, subject to external audit.

The expected FY 2014 NPAT represents a major improvement over the Company’s half year result and is significantly better than the profit matrix published at the start of the year.

The expected FY 2014 result has been driven by the Company’s 2014 margin initiatives, a Gross Refinery Margin (GRM) of USD 9.98 for November/ December (the highest in five years), excellent operational and cost performances, favourable crude prices and an improved USD exchange rate.

The Company will make its Full Year Announcement on 20 February 2014.

ENDS

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