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
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.
Bookmark and Share   Printable version
Related News

Tough second-half hurts NZ Post and Kiwibank full-year earnings
Delegat to pay bigger dividend after posting record annual operating profit
NZME posts 0.5% gain in debut first-half earnings as costs fell faster than revenue
CBL first-half profit falls 19% currency losses offset growth in premiums
Air NZ rides the tourism boom with record full-year earnings
Vista first-half profit more than doubles as acquisitions lift revenue 49%
FIRST CUT: Sky TV FY earnings down 15%, citing merger costs and content 'arms race'
FIRST CUT: Air NZ delivers bumper pre-tax profit for 2016 FY of $663 mln
Living Cell Technologies considers 'medical tourism' if Parkinson's therapy trial succeeds
NZ dollar slips as markets await Yellen, although doubts remain for any major surprises

IRG See IRG research reports