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Channel Infrastructure Reports Fuel Throughput Decline for June Quarter

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Channel Infrastructure (ASX:CHI, NZE:CHI) said its fuel throughput for the June quarter fell 2% from a year earlier to 802 million liters amid higher fuel prices due to the Middle East conflict, according to a Wednesday filing with the Australian and New Zealand bourses.

The company said it completed an infrastructure upgrade at the Marsden Point-to-Auckland pipeline near the end of the June quarter, with petrol throughput temporarily slowed to accommodate the revamp.

The quarter's jet throughput was slightly behind year-ago volumes, due to fewer flights by Middle Eastern carriers, but remains broadly in line with the Channel's expectations for the year to date, the company said.

It added that net borrowings increased to NZ$346 million as of June 30 from NZ$338 million at the end of March, as spending on New Zealand government diesel storage accelerated.

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