The country's biggest fuel retailer has reported a large full-year loss after large asset write-downs and the costs of the Covid-19 pandemic.
Photo: RNZ
Z Energy's loss for the year ended March was $88 million, compared with a profit of $186 million the year before.
The bottom line was hit by a write-down in the value of its electricity operation, Flick, and in the value of some fuel contracts.
The company said tough retail competition, low refining margins, and $33m worth of pandemic costs had hit earnings.
It has scrapped its final dividend and plans to raise $350m through a share issue to strengthen its finances.