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

 

Multiple factors knock Meridian profit

Multiple factors knock Meridian profit

By Pattrick Smellie

Aug. 13 (BusinessDesk) - Low rainfall, the sale of some of its assets to Genesis Energy and a one-off dispute settlement in the previous year saw Meridian Energy's net profit fall 52 percent to $106.1 million in the year ended June 30.

The result, which excludes unbooked movements in the fair value of financial instruments, largely reflects the lowest rainfall in Meridian's South Island hydro catchments in 79 years of record-keeping, and the loss of output from the Tekapo A and B hydro stations.

The Tekapo units were sold towards the end of the previous financial year to fellow state-owned rival generator Genesis Energy as part of electricity reforms.

The impact of low hydro inflows is best illustrated by the fact that the result was achieved on a 25 percent increase in total revenue to $2.57 billion, despite the reduced asset base. Hydro generation was down 22 percent to 9.79 Gigawatt hours for the year, while wind generation rose 17 percent to 1.38GWh.

Earnings before interest, tax, depreciation, amortisation and changes in the fair value of financial instruments were down 28 percent to 476.6 million, from $659.9 million, largely because the average price of electricity generated rose by 138 percent to $98.79 per MWh in the year just passed from $41.57 per MWh the previous year.

EBITDAF per MWh generated was down 11 percent to $42.62.

Adjusting for the Tekapo generation revenue and the $28.1 million settlement of a dispute with New Zealand Aluminium Smelters, NPAT was down 28 percent on the previous year, the company said in a statement released to the NZX ahead of a media briefing.

(BusinessDesk)

© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 

Maritime Union: Deepening Supply Chain Crisis Requires Action

Maritime Union of New Zealand National Secretary Craig Harrison says the global COVID-19 pandemic exposed pre-existing weaknesses in our logistics sector, and created enormous problems... More>>



Air New Zealand: Employees Recognised With $1,000 Share Award

The efforts Air New Zealand employees made during one of the airline’s toughest years will be recognised via an award of $1,000 worth of company shares to all permanent employees... More>>

Consumer NZ: Bank Complaints On The Rise, Survey Shows

Nearly one in five Kiwis had a problem with their bank in the past year, Consumer NZ’s latest satisfaction survey finds. Consumer NZ chief executive Jon Duffy said the number of bank customers reporting problems had jumped to 18%, up from 11% in 2020... More>>

Mercury: Enters Into Binding Agreements To Acquire Trustpower’s Retail Business

Mercury NZ Limited (Mercury) has announced that it has entered into binding agreements with Trustpower Limited (Trustpower, NZX:TPW) to acquire Trustpower’s retail business for NZ$441 million... More>>

ALSO:


ASB: New Zealanders Missing Out On Hundreds Of Millions In KiwiSaver Government Contributions

New Zealanders have just over a week to ensure they’re eligible for the maximum annual government KiwiSaver contribution... More>>


Stats NZ: GDP Climbs 1.6 Percent In March 2021 Quarter Following December Dip

Gross domestic product (GDP) rose by 1.6 percent in the March 2021 quarter, following a 1.0 percent fall in the December 2020 quarter, Stats NZ said today. "After an easing of economic activity in the December quarter, we’ve seen broad-based growth in the first quarter of 2021... More>>