12pc drop for Genesis

Genesis Power, New Zealand's biggest energy retailer, said full-year net profit fell 12 per cent as rising gas costs increased the company's fuel bill by 13 per cent to $212 million.

Net profit fell to $70.2 million in the 12 months ended June 30 from $80.1 million a year earlier, the Auckland-based company said yesterday.

Profit a year earlier included a $7.2 million gain on the sale of a 50 per cent stake in the country's offshore Kupe oil and gas field.

Sales at Government-owned Genesis rose 8 per cent to $1.49 billion from $1.39 billion a year earlier, the company said.

- BLOOMBERG