Earnings this year are better than expected for New Zealand refining with the help of a weaker local dollar.
New Zealand Refining Co. is the operator of the nation's sole oil refinery, and has been predicting better than expected earnings. The news of good expectations comes with a weaker local dollar making up for lower margins.
The nation's refinery production is less than it was last year, but is slightly ahead of the production plan this year. The New Zealand dollar's foreign exchange rate has been the main reason why results are shaping up better than anticipated, last exchanging at USD0.6277. The 2008 average was USD0.7141, which is a drastic drop from this year.
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