Z's fuel income was $502.3 million and non-fuel income was $60.4m. Photo: RNZ / Richard Tindiller
A recovery in fuel demand has driven earnings for the country's biggest fuel retailer.
Z Energy, now part of Australia's Ampol, reported pre-tax earnings of $140 million for the period between May to the end of December.
No meaningful comparison was available for the same period the year before but Ampol noted total fuel sales were up 19 percent to 2.76 billion litres.
Z's fuel income was $502.3m and non-fuel income was $60.4m.
Ampol said Z Energy would contribute full-year earnings to the group in 2023.
Prior to the take-over and change in reporting period, Z Energy reported pre-tax earnings of $232m for the 12 months ended March 2022, $269m net profit and fuel sales of 3.16 billion litres.
Ampol is due to report detailed New Zealand earnings on 27 February.
"Since the closure of New Zealand's only refinery, Z Energy has made good progress in managing the transition to a full import model with minimal disruption to customers," Ampol told the share market.
"The exit from the National Inventory Agreement saw Z Energy gain share in the New Zealand market as it benefited from its superior infrastructure position," the statement said.
Ampol said Z Energy was performing in line with its investment case, with transitions progressing to plan.
Looking ahead to 2023, Ampol said Z's retail fuel and shop sales were temporarily affected by the significant flooding in Auckland.
It also said Ampol's trading and shipping operations in Singapore was expected begin full supply to Z from April 2023, when existing third-party supply agreements expired.
Ampol announced a record full year pre-tax earnings of A$1.32 billion, with profit after tax up 42 percent to $A795.9m for the 12 months ended December.
Ampol completed its $2b take-over of Z Energy in May, which required it to divest the Gull Energy chain previously Ampol's only New Zealand business.
