Sharechat Logo

Warm weather chills profit

Friday 24th November 2000

Text too small?

Electricity generator Contact Energy blamed the wet and warm winter for cutting into its profit result for the year to September.

Contact said the mild winter had depressed demand for electricity and its price, taking its profit down 38% to $96.9 million from last year's $155.4 million. Heavy rainfall during winter meant storage levels on South Island lakes were above average, putting downward pressure on wholesale electricity markets. The prospectus forecast was for a profit of $78 million.

Comments from our readers

No comments yet

Add your comment:
Your name:
Your email:
Not displayed to the public
Comments to Sharechat go through an approval process. Comments which are defamatory, abusive or in some way deemed inappropriate will not be approved. It is allowable to use some form of non-de-plume for your name, however we recommend real email addresses are used. Comments from free email addresses such as Gmail, Yahoo, Hotmail, etc may not be approved.
Bookmark and Share   Printable version
Related News

NZ dollar drops as June rate-cut bets fade, RBA to stick with inflation target
Green Cross acquisitions drive 18% lift in annual profit
New report forecasts a shortfall of 26 hotels in next decade, above what's already being built
Murray Horn resigns second board, Spark, on health grounds
Pyne Gould finally lodges 2015 annual report
UPDATE: Tower shares sink to two-month low as investors question ability to compete
Vista expects 20-30% annual revenue growth, signals dividends
PFI seeks boost for directors' fee pool, appoints Susan Peterson to board
Tower first-half loss widens as insurer takes $19.6M charge for IT system with 'limitations'
Vista Group's Vista Entertainment, Movio sign deal with Ster-Kinekor in Africa

IRG See IRG research reports