Morningstar Research lowered its fiscal 2019 earnings per share forecast but kept its hold rating on Z Energy after the country’s biggest fuel retailer downgraded its profit outlook amid a longer-than-anticipated shutdown of a local oil refinery and as high oil prices hurt demand.
Z Energy, the country’s biggest fuel retailer, has cut full-year earnings guidance by $30 million due to an extended shutdown at the Marsden Point oil refinery and high crude prices in the June quarter.
Z Energy has more than doubled its investment in Mevo, the Wellington-based electric car-sharing firm, with The Wellington Company and European Motor Distributors also investing.
Z Energy says its customer database for the Z card online was breached due to a security flaw and has advised affected customers and the Privacy Commissioner of the failing.
Z Energy announced in 2014 it would build a biofuel plant to produce 20 million litres of diesel a year from waste animal fats. Newsroom's Business Editor Nikki Mandow went to the still idle factory in Manukau to find out what's holding up production and why Z Energy is still pushing ahead.