Sharechat Logo

MRP dampens profit expectations

Friday 11th June 2010

Text too small?

MightyRiverPower expects its full-year operating profit to be at the bottom of its forecast range of between $315 million and $350 million.

The weak result reflected severe drought in the Waikato river catchment, where MRP has hydro-electric power stations, including historically low inflows into Lake Taupo, which feeds the Waikato River.

The company also revealed higher operating costs caused by "unexpected injection disruptions at the company's Kawerau geothermal power station over the past few months".

MRP reported record earnings before interest, tax, depreciation, and amortisation of $445.4 million in the last financial year, when when high hydro volumes and wholesale electricity prices coincided during winter 2008, in what the company says was a "one-off benefit to earnings".

Inflows to Taupo had been the second worst since 1927 for the March to mid-May period.

Businesswire.co.nz



  General Finance Advertising    

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.

Related News:

SML - Synlait Milk Limited - Trading Halt of Securities
AIA - Auckland Airport announces board chair changes
AIA - Auckland Airport announces board chair changes
CEN - Tauhara commissioning progress update
FPH initiates voluntary limited recall
March 28th Morning Report
KFL Celebrates 20 Years of Excellence in Investment Mgmt.
SVR - Savor FY24 Earnings Guidance & Change in Banking Partner
NZK - NZ King Salmon Investments Limited FY24 Results
March 27th Morning Report