Refining down
PA Wellington N.Z. Refining Company, Ltd, has reported a reduced interim profit of $3,734,000 ($5,992,000) for the six months to June 30.
The chairman, Mr Alan Revell, said the significant drop in half-year earnings arose from the loss of the revenue from the efficiency incentive. In 1984 this was available in the first quarter of the year and $3,157,000 net of tax was earned.
Mr Revell said the earnings drop had been anticipated. Process fees (revenue) were $44,733,000 ($42,936,000). Tax took $3,603,000 ($5,444,000). The intake for processing was 1,344,000 tonnes, compared with 1,039,000 tonnes for the period January-June 1984. (The 1984 period included the sevenweek shutdown). Mr Revell said the refinery closed down on July 2 for the revamp and reconstruction and would restart operations in mid-November. Work on the revamp was progressing well and to schedule, with more than half this task now complete. Progress on the expansion project had been steady and without interruption. By the
end of August, over-all progress had reached 92 per cent and physical construction on site was 82 per cent complete. Milestones achieved during the period were the lighting of the new flare, commissioning of the Auckland pipeline and the Wiri terminal and commissioning of all the utility functions of the new refinery.
Permanent link to this item
https://paperspast.natlib.govt.nz/newspapers/CHP19850830.2.68.2
Bibliographic details
Press, 30 August 1985, Page 8
Word Count
212Refining down Press, 30 August 1985, Page 8
Using This Item
Stuff Ltd is the copyright owner for the Press. You can reproduce in-copyright material from this newspaper for non-commercial use under a Creative Commons BY-NC-SA 3.0 New Zealand licence. This newspaper is not available for commercial use without the consent of Stuff Ltd. For advice on reproduction of out-of-copyright material from this newspaper, please refer to the Copyright guide.
Copyright in all Footrot Flats cartoons is owned by Diogenes Designs Ltd. The National Library has been granted permission to digitise these cartoons and make them available online as part of this digitised version of the Press. You can search, browse, and print Footrot Flats cartoons for research and personal study only. Permission must be obtained from Diogenes Designs Ltd for any other use.
Acknowledgements
This newspaper was digitised in partnership with Christchurch City Libraries.