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.
No comments yet
MARKET CLOSE: NZ shares drop; TradeMe, A2 Milk fall while Summerset, Intueri gain
NZ dollar falls as rising US bond yields drive up greenback
Pumpkin Patch receivers to close seven stores, laying off 57 staff
Fat Prophets Hot Stock - Oil Search (OSH)
Youi braces for $350,000 penalty on dodgy sales tactics
Chinese dairy investor faces hurdles to develop NZ dairy factory
Augusta seeks to oust NPT board after rebuff over management contract
KiwiRail sees some green shoots in outlook for coal volumes, 'wall of wood'
Countdown sales rise 1.9% in 1Q as Woolworths looks to Christmas for profit
Meridian CEO Mark Binns hopes Tiwai smelter will stay, 'but not at any cost'