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

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

IRG See IRG research reports