Contact Energy, the country's biggest listed electricity generator and retailer, beat expectations as it lifted annual profit 27 per cent as low rainfall in hydro catchments saw Contact run its gas-fired generation units harder to meet national demand.
Net profit rose to $190.4 million, or 26.9 cents per share, in the year ended June 30 from $150.9 million from 23.9 cents per share, a year earlier, the Wellington-based company said in a statement. Earnings before interest, tax, depreciation, amortisation and unrealised fair value movements climbed 15 per cent to $508.7 million, with a 21 per cent jump in sales to $2.7 billion.
See the company's media statement here.
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That beat Forsyth Barr analyst Andrew Harvey-Green's forecast of $496.4 million for underlying earnings.
"Our results show substantial improvement in our underlying business performance as we have utilised our flexible fuel and generation profile and responded decisively to increased activity in the retail sector," chief executive Dennis Barnes said.