NZR Expects a Non-Cash Impairment of $220 million | NZ Market Update

New Zealand Refining Company Limited (NZX: NZR) anticipates to acknowledge a non-cash impairment charge of about $220 million before tax or $158 million after tax in the half year results of 2020. The impairment charges are mainly because of adjusted refining margin assumptions, indicating the additional refining capacity in Asia-Pacific region and the impacts of COVID-19 pandemic on the demand for transport fuel, especially jet demand.

As per Toby Fiennes, Reserve Bank Head of Financial System Policy and Analysis, the clear disclosure and transparency of policies and actions have been crucial to the COVID-19 response. He said in his speech that to make a business or financial decision, concise, clear, and up-to-date information is essential to making informed decisions. They are also working with others throughout Government and the financial sector to provide confidence and cash-flow in the system.

Regional Economic Development Minister Shane Jones has said that until now over 13,000 people have been employed due to Coalition Government’s Provincial Growth Fund (PGF). The total number of jobs created has exceeded the target of 10,000 jobs expected by the government and Provincial Development Unit (PDU). Mr Shane Jones is proud of the achievement, and he said that it doesn’t stop there, and thousands of more jobs to come in the future as well.

#NZX #NZR #Tobyfiennes #ShaneJones

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