The operator of the Marsden Point oil refinery has seen its annual profit slashed by more than 80% as it deals with a global oversupply during a period of falling demand.
New Zealand Refining Ltd made an after-tax profit of $23.6 million dollars compared with nearly $125 million for the previous year.
Chairman David Jackson says its profit margin shrank from $US12 per barrel at the start of last year, to $US1 per barrel by the end.
However, he says there was a slight improvement in margins at the start of this year and the company has been at 100% capacity since the start of last year.
