Warm weather chills profit

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
Comment:
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.

Anti-spam verification:

Type the text you see in the image into the field below. You are asked to do this in order to verify that this enquiry is not being performed by an automated process.

Related News:

TEM - Transaction in Own Shares
WCO - Share Purchase Plan
SKT - Sky ASM and Closing Date for Director Nominations
September 11th Morning Report
MEL - Dividend reinvestment plan strike price
MKR - High Grade Gold Drill Intersections from Pipeline Ridge
KMD - ASM Date and Closing Date for Director Nominations
PCT - Sale of PwC Tower now unconditional
GEN - General Capital (GEN:NZ) Subsidiary General Finance Update
BRW - Bremworth Director Resignations