Power costs hit Refining

NZ Refining Co said its interim profit fell 9.8 per cent from a year ago because it had to pay more for electricity.

The operator of New Zealand's only oil refinery at Marsden Point in Northland said net profit of $54 million in the six months to June 30 was down from $59.86 million in the same period last year.

Record refinery margins and high plant utilisation combined to generate revenues of $183 million, up 13.4 per cent on last year.