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 rise, buoyed by Z while Skellerup drops
NZ dollar extends gains as Fed rate hike bets fade, traders debate timing of RBNZ cut
Shanghai Pengxin knocked back on massive Australian farm purchase
Trustpower earnings dip on weak electricity demand, marketing costs
Steel & Tube agrees to sell only independently tested mesh; ComCom probe continues
Z shares at record as Caltex deal seen reducing competition
Hot Stock: Genesis Energy
NZ business confidence lifts in April as construction sector underpins growth
NZ building consents see-saw with 9.8% March fall
Zespri to re-pack and release contaminated fruit after getting all-clear