Wednesday 29th August 2018
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Genesis Energy reported an 8 percent increase in full-year operating earnings after dry, still weather boosted demand for coal- and gas-fired generation from its Huntly site.
Earnings before interest, tax, depreciation, amortisation and changes in financial instruments climbed to $360.5 million in the year ended June 30, from $332.5 million a year before.
Net profit fell to $19.8 million, down 83 percent from $118.7 million the year before. The change reflects higher depreciation, and a generation revaluation this year versus a gain last year on both the firm’s generation portfolio and its derivatives book.
The company had forecast ebitdaf of $350 million to $360 million. It has already reported an 11 percent increase in annual generation volumes and a 5 percent increase in gas production from the Kupe field.
Auckland-based Genesis is the country’s biggest electricity retailer and has been working harder to develop new products and make more value from its gas interests.
Last year it increased its stake in the Kupe gas field, the country’s fourth-biggest producer, to 46 percent. It also bought rival Nova Energy’s LPG business to gain a national distribution network and scale efficiencies from a commercial customer base.
It will pay an 8.6 cent final dividend on Oct. 19 to shareholders registered on Oct. 5. A year ago it paid 8.4 cents.
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