9 Nov 2017

Z Energy posts higher half-year profit

5:20 pm on 9 November 2017

The country's biggest fuel retailer, Z Energy, has made a higher half-year profit as it benefits from the Caltex acquisition.

no caption

Photo: RNZ

Its net profit rose 10 percent to $80 million in the six months ended September, from $73 million the year before.

The previous result was adjusted for an accounting reason.

Its revenues rose to just over $2 billion, compared with about $1.7 billion previously.

The results include a full contribution from the Caltex acquisition, whereas the previous period only included four months.

Chief executive Mike Bennetts said it was a solid result.

"We've seen softer contribution from the retail business as retail margins appear to be at the top of cycle, while the commercial business has improved both volumes and margins," he said.

Mr Bennetts said the second half of the financial year is typically stronger.

Z Energy's full year earnings guidance remains unchanged at $445m to 475m.

Get the new RNZ app

for ad-free news and current affairs