Meridian Energy, the renewables electricity generator and retailer, posted a 7 per cent fall in first-half earnings as low inflows into its South Island hydro catchments reduced its electricity output.
Earnings before interest, tax, depreciation, amortisation and changes in fair value hedges and other significant items fell to $329 million in the six months to December 31, from $354m in the year-earlier period, the Wellington-based company said in a statement. Net profit fell 13 per cent to $109m.
Total revenue, at $1.44 billion, was 27 per cent higher than restated revenues of $1.13b in the previous period. Operating expenses rose 43 per cent to $1.11b.
"Despite the persistently low South Island hydro inflows which have characterised the New Zealand market over the past six months, it was pleasing to see the company has also achieved strong customer-led growth across our multiple segments and geographies," said chief executive Neal Barclay, fronting the NZX-listed, majority government-owned company's financial results for the first time since the retirement last year of Mark Binns.
The company announced a 1 per cent increase in total interim dividends, at 7.82 cents per share, comprising a 5.38 cent ordinary interim dividend imputed to 88 per cent of its value, and a special dividend of 2.44 cents under its capital management programme.
