Genesis Energy, New Zealand's largest electricity retailer, posted a 2.7 percent decline in annual operating earnings as a combination of lower electricity, gas and oil prices combined with ongoing retail market competition to reduce revenues slightly more than operating costs.
Earnings before interest, tax, depreciation, amortisation and movements in the value of financial instruments declined by $9.5 million to $335.3 million in the year to June 30, on total revenues of $2.01 billion, against $2.02 billion in the prior year, the Auckland-based company said in a statement. Total operating expenses fell to $1.68 billion from $1.75 billion.
The Genesis board was "satisfied with the overall performance of the company in what has been a challenging year," chair Jenny Shipley said.
"Genesis Energy continues to perform well in a constantly and quickly evolving energy market."
The result reflected "a determination by the board to drive improved cost control and efficiencies to offset the external influences impacting on the business as it looks to the future".