Z Energy has managed to lift its profit margin in its maiden result as a listed company, despite selling less fuel because of record retail prices.
The company's net profit more than doubled to $56 million in the six months to September, compared with $25 million in the same six months last year. However, underlying operating profit rose 7% to $104 million.
Z Energy's share of the petrol market fell slightly during the six months and was down from the same six months last year.
Its share of the diesel market rose slightly during the latest six month period.
Chief executive Mike Bennetts says his company is not willing to sacrifice margins in order to maintain market share.
"If you give someone 10 cents a litre off a margin of 25 cents you're sort of saying you've got to sell 40% more units to be in the same dollar margin situation," he says.
Mr Bennetts says Z Energy does not participate strongly in that part of the market, which is why it can deliver higher unit margins and dollar margins even though the company's volume is declining.