NZ's Z Energy Year Profit Falls

 

New Zealand petrol retailer Z Energy Ltd reported a 31 percent fall in its annual profit on Thursday, on the back of lower revenue and higher costs.

The company reported a profit of NZ$95 million ($82.4 million) for the 12 months to March 31 compared with NZ$137 million the year before.

It is the company's first reported profit as a listed entity after an IPO last year.

Z Energy said earnings before interest, tax, depreciation, amortisation, and fair value movements (EBITDAF) were NZ$219 million from NZ$196 million last year. Last month it reaffirmed guidance of EBITDAF at NZ$205 million to NZ$215 million.

It said it expected EBITDAF of between NZ$220 million to NZ$240 million for the coming year.

It declared a final dividend of 14.3 cents a share.

Z Energy operates more than 250 petrol stations and truck stops and has a 17 percent stake in the country's only oil refinery.

Last month it said it would invest NZ$21 million in a biodiesel facility, and has also formed a joint venture with BP Ltd and New Zealand Refining Ltd to buy crude oil.

(Gyles Beckford)

($1 = 1.1528 New Zealand Dollars)