Plenty of platitudes but disappointing. Dodgy was WRONG - $3 a distant dream this result.
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Below Forsyth estimate of 50.6m, and dividend also below by 1 cent.
Although I don't follow NZR closely, it doesn't look like a great result
results in line but div was less than they could have paid, debt focus this time I think down today we go on div disappointment.:(
This result was pretty much as forecast back in July 2016 in this forum based on their matrix results. The forecast was approx $50m NPAT from which they used $8m on capex and a 50% distribution for dividend allowed 6cps.
It is in line with forecast. Just see how well this year
https://nzx.com/companies/NZR/announcements/298381
BP Sell Down
Refining NZ advises that BP New Zealand Holdings Limited and Europa Oil NZ Limited (together “BP”) contacted it after the market closed yesterday advising that BP was conducting a process overnight to reduce its shareholding in Refining NZ by selling up to 11.1% of the 21.19% it initially held.
The trading halt will remain in place until BP files a substantial product holder notice confirming that it has sold shares. If the full parcel of 11.1% of the shares is sold, BP would be left with 10.09% of the shares in Refining NZ.
BP’s reduction in shareholding does not affect the existing contractual arrangements between Refining NZ and BP, including the processing agreement which remains on foot.