The Waikato hydro scheme is an important source of generation for Mighty River Power. Photo / Alan Gibson
Mighty River Power's withdrawal from its geothermal operations overseas is largely behind a 93 per cent plunge in net profit in the half year to December 31.
The power company's net profit fell from $116 million in the prior comparable period to $8 million.
Earnings before tax also fell to
$258 million, down $12 million due to lower hydro generation during a dry early summer and a fall in commercial sales.
Underlying earnings were also hit. They were $90 million, down $15 million, reflecting lower earnings before earnings before interest, tax, depreciation, amortisation and financial instruments (EBITDAF) and higher interest and depreciation costs following the commissioning of Ngatamariki geothermal station.
However the company says its dividend forecast for the full year would be unchanged at 14 cents per share.
