WELLINGTON, Feb 23 - New Zealand's largest listed power company, Contact Energy Ltd. (CEN.NZ), reported a more than threefold increase in first half net profit on Tuesday.
The energy retailer made a net profit of NZ$88.1 million ($61.6 million) in the six months to Dec 31, compared with NZ$25.1 million last year.
It said generation costs rose and wholesale prices were lower but it did not have a repeat of the previous year's bad weather and transmission constraints, which had dented earnings.
The company, whose nine power stations generate about 30 percent of New Zealand's electricity and has around 540,000 electricity and gas customers, declared an unchanged interim dividend of 11 cents per share.
Last October Contact said it expected to return to profit growth in this financial year on improved conditions after dry weather and transmission problems had hit earnings the previous year.
Earnings before interest, tax, deprecation, amortisation and financial instruments (EBITDAF) was steady at NZ$225 million.
Shares in Contact, whose competitors include state-owned Meridian Energy, Mighty River Power and Genesis Power, and listed electricity company TrustPower Ltd. (TPW.NZ), closed on Monday at NZ$5.80.
So far this year the company, which is the third largest listed by market capitalisation, has fallen around 8 percent, compared with a 5 percent decline for the benchmark top 50 index .NZ50.
Last month it reported a fall in electricity generation and sales, with average prices more than 40 percent down on a year earlier.
It said it was "not uncomfortable" with the market consensus for the full year result.
Contact is the second biggest listed company in New Zealand by capitalisation, and is 51 percent owned by Australia's Origin Energy (ORG.AX). ($1=NZ$1.43)
The energy retailer made a net profit of NZ$88.1 million ($61.6 million) in the six months to Dec 31, compared with NZ$25.1 million last year.
It said generation costs rose and wholesale prices were lower but it did not have a repeat of the previous year's bad weather and transmission constraints, which had dented earnings.
The company, whose nine power stations generate about 30 percent of New Zealand's electricity and has around 540,000 electricity and gas customers, declared an unchanged interim dividend of 11 cents per share.
Last October Contact said it expected to return to profit growth in this financial year on improved conditions after dry weather and transmission problems had hit earnings the previous year.
Earnings before interest, tax, deprecation, amortisation and financial instruments (EBITDAF) was steady at NZ$225 million.
Shares in Contact, whose competitors include state-owned Meridian Energy, Mighty River Power and Genesis Power, and listed electricity company TrustPower Ltd. (TPW.NZ), closed on Monday at NZ$5.80.
So far this year the company, which is the third largest listed by market capitalisation, has fallen around 8 percent, compared with a 5 percent decline for the benchmark top 50 index .NZ50.
Last month it reported a fall in electricity generation and sales, with average prices more than 40 percent down on a year earlier.
It said it was "not uncomfortable" with the market consensus for the full year result.
Contact is the second biggest listed company in New Zealand by capitalisation, and is 51 percent owned by Australia's Origin Energy (ORG.AX). ($1=NZ$1.43)
