File photo. Photo: 123rf
Channel Infrastructure, formerly Refining NZ, reported a 34 percent drop in first half profit, as it continued its transition to become a fuel terminal operator.
Key numbers for the six months ended June (millions of $) vs year ago
- Net profit $11.43m vs $17.2m
- Revenue $64.4m vs $29.8m
- Interim 4.2 cents a share
The company said it had made significant progress to unlock value from the decommissioned refinery, with a long-term renewable electricity supply contract put in place.
The company also lifted its underlying profit outlook for the full year to between $84m and $88m from $82m and $86m.
Meanwhile, large diversified property investor Precinct Properties has reported a full year net loss reflecting a $257m drop in the valuation of its portfolio.
However, the underlying profit rose 7 percent $102m, when the valuation and one-time items were excluded.
Key numbers for the year ended June (millions of $) vs year ago
- Net loss $147.5m vs net profit $110.0m
- Revenue $218.9m vs $200.3m
- Full year dividend 6.7 cents a share
Rental revenue rose 9 percent, reflecting increases in new office leases, which were more than 10 percent up on 2022 valuation rents
It said the quality of its portfolio was suporting growth, though saw considerable economic uncertainty with inflation and rising interest costs putting further pressure on valuations.