27 Feb 2013

Refining NZ has drop in profit

7:12 pm on 27 February 2013

The country's only refinery, Refining NZ, has experienced a drop in profit.

The company made a profit of $32.6 million in 2012, a decrease of 5% compared with the same period a year ago.

Refining NZ chief executive Sjoerd Post said the high New Zealand dollar and squeezed margins hit earnings.

He said the company's income is in US dollars but its costs are in New Zealand dollars and it's been a tough year.