Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 


Contact Energy Announces First Quarter Result

Contact Energy Announces First Quarter Result

Contact Energy announced today an unaudited net surplus of $18.4 million for the three-month period ended 31 December 2002 – a slight improvement on the same period last year.

The result was driven by continued strong growth in retail electricity sales, offsetting lower wholesale electricity revenues.

The net surplus declined by 9% on the adjusted result for first quarter of last year, however, a direct comparison is affected by a higher depreciation charge in this quarter arising from a revaluation of Contact’s fixed assets which took effect from 30 September 2002.

Contact Energy’s retail business continued to grow, contributing to a 50% increase in retail electricity sales compared with the first quarter last year.

As at 31 December 2002, Contact Energy’s retail electricity customer base totalled over 465,000, up 60,000 (15%) on the same time last year. The increased sales were driven by organic customer growth, and higher demand associated with the addition of more business customers.

Chief executive officer Steve Barrett said the result was pleasing, particularly given the lower wholesale electricity revenues earned during the quarter.

“The result confirms the value of Contact’s long-standing strategy to build a balanced, integrated energy business,” he said.

Mr Barrett said the higher retail load during the period as well as the decision to reduce generation during low price periods in October and November 2002 meant the company’s overall average level of hedging had increased to 112% of generation output for the quarter, compared to around 72% for the same period in the previous year.

Contact expected the average hedge level for the full financial year to be about 90%, without factoring in any addition of the Taranaki Combined Cycle (TCC) power station to Contact’s portfolio. (Contact has entered into a conditional agreement to acquire the TCC plant and announced last week that the Commerce Commission has cleared the acquisition).

Contact’s total gas revenues declined by 14%, due largely to a drop in wholesale gas sales, particularly for electricity generation. Retail gas revenue was on a par with last year.

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

I Sing The Highway Electric: Charge Net NZ To Connect New Zealand

BMW is turning Middle Earth electric after today announcing a substantial contribution to the charging network Charge Net NZ. This landmark partnership will enable Kiwis to drive their electric vehicles (EVs) right across New Zealand through the installation of a fast charging highway stretching from Kaitaia to Invercargill. More>>

ALSO:

Watch This Space: Mahia Rocket Lab Launch Site Officially Opened

Economic Development Minster Steven Joyce today opened New Zealand’s first orbital launch site, Rocket Lab Launch Complex 1, on the Mahia Peninsula on the North Island’s east coast. More>>

Earlier:

Marketing Rocks!
Ig Nobel Award Winners Assess The Personality Of Rocks

A Massey University marketing lecturer has received the 2016 Ig Nobel Prize for economics for a research project that asked university students to describe the “brand personalities” of three rocks. More>>

ALSO:

Nurofen Promotion: Reckitt Benckiser To Plead Guilty To Misleading Ads

Reckitt Benckiser (New Zealand) intends to plead guilty to charges of misleading consumers over the way it promoted a range of Nurofen products, the Commerce Commission says. More>>

ALSO:

Half A Billion Accounts, Including Xtra: Yahoo Confirms Huge Data Breach

The account information may have included names, email addresses, telephone numbers, dates of birth, hashed passwords (the vast majority with bcrypt) and, in some cases, encrypted or unencrypted security questions and answers. More>>

ALSO:

Rural Branches: Westpac To Close 19 Branches, ANZ Looks At 7

Westpac confirms it will close nineteen branches across the country; ANZ closes its Ngaruawahia branch and is consulting on plans to close six more branches; The bank workers union says many of its members are nervous about their futures and asking ... More>>

Interest Rates: RBNZ's Wheeler Keeps OCR At 2%

Reserve Bank governor Graeme Wheeler kept the official cash rate at 2 percent and said more easing will be needed to get inflation back within the target band. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news