NZ Refining profit margin doubles

New Zealand Refining said yesterday its profit margin in March-April nearly doubled from a year ago. Margins rose to US$8.81 ($12.78) a barrel from US$4.85 in the year-ago period and against US$5.58 in January-February.

The Marsden Point refinery processed 6.378 million barrels of oil in March and April, down from 6.476 million barrels in the same period in 2004. NZ Refining reported a 200 per cent rise in its 2004 net profit to $97.5 million.