Friday 27th April 2012 |
Text too small? |
Meridian Energy will pay a $71.3 million dividend on its earnings for the first half of the financial year, in line with its dividend policy of a 75 percent payout ratio.
The company declared an underlying net profit after tax of $98.9 million for the six months to Dec. 31, down 20 percent on the previous period, largely thanks to the sale its two Tekapo hydro power stations to Genesis Energy as part of government mandated electricity sector reforms.
Low hydro inflows during the period also reduced earnings for the largest of the state-owned electricity companies slated for partial privatisation over the next five years.
“Board approval of this level dividend is positive reinforcement of the company’s performance during this period,” said chief executive Mark Binns. The company was also ensuring it had sufficient capacity to fund future growth plans.
(BusinessDesk)
BusinessDesk.co.nz
No comments yet
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