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New Zealand’s fuel infrastructure company, Channel Infrastructure (NZX:CHI), upgraded its FY23 guidance today (17 November 2022). The company’s updated guidance reflects the Producers Price Index (PPI, and the latest capital expenditure forecasts.
Meanwhile, Stats NZ announced today (17 November 2022) that the Producers Price Index for all industries’ output indexation for 12 months, was 8.4%. This is likely to help the company take the pay level under the Terminal Services Agreement to NZ$106 million in 2023
Further, in addition to the existing private storage contracted and commissioned, Channel Infrastructure has contracted more terminal storage. This is expected to add to the company’s earning base.
Channel Infrastructure also updated its capital expenditure and operating guidance in order to highlight the jump in electricity prices in FY23 as compared to FY22.
The announcement added that the Channel's cost of funds has gone down with financing costs now expected at the lower end of the previous guidance at 5-5.5%.
On 17 November 2022, the stock was trading up by 1.37% at NZ$1.480 at the time of writing.
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