And the price is now $31 and should rise in expectation of a decent dividend.
NZR
16/12/2004
FORECAST
REL: 1336 HRS The New Zealand Refining Company Limited
FORECAST: NZR: NZRC expects Profit of $90-95 mln after tax for 2004
The Directors of The New Zealand Refining Company have considered forecasts
of the full year results for 2004 and provide the following information under
the continuous disclosure rules of the NZX:
Exceptionally high international refining margins in 2004, high utilisation
and operational excellence have contributed to a higher projected revenue
from refining operations to $230-240 mln compared to $154 mln for 2003. This
is expected to result in an after tax profit of $90 to $95 million for
2004.The higher earnings will assist in funding the Future Fuels project
which is on track for commissioning during the third quarter of 2005. The
total project cost is expected to be $180 mln. To date $100 mln have been
spent.
The Directors will make an announcement regarding dividends on 24 February
2005.
At this stage a modest increase for the dividend is anticipated and a return
to more typical trading conditions in 2005 is expected.
End CA:00109542 For:NZR Type:FORECAST Time:2004-12-16:13:36:24