02MAY2019 - NEWS - Z Energy's full-year profit falls 13% on refinery outage, crude price hike

Z Energy reported a 13 per cent decline in full-year net profit after an extended outage at the Marsden Point refinery raised its costs and record pump prices reduced sales volumes industry-wide.

The country's biggest fuel retailer said net profit, measured on a replacement cost basis, fell to $178 million in the year ended March 31, from $205m a year earlier.

While Z's petrol volumes for the year fell about 3 per cent to 1.3 billion litres, diesel volumes were up 2 per cent at 1.67 billion. Other fuel sales were also 4 per cent higher at almost 1.2 billion, driven by increased marine fuel sales and new roading activity increasing demand for bitumen.

Z Energy reports on a replacement cost basis to avoid the swings in inventory valuations that result from changes in product and crude prices and foreign exchange movements from period to period.

Published by Editor - www.Livebunkers.com at 02-May-2019 04:55:55 [UTC] , contact editor at editor@livebunkers.com