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.
No comments yet
Mandatory farm plans scorned as 'tick box' exercises
Kiwi dollar firms on weak US retail data, capped by rate-cut expectations
17th October 2019 Morning Report
SkyCity hoses down union claims over potential job losses
OPINION: Fair Payment Agreements and 'swallowing vomit' - the lot of the CTU
MARKET CLOSE: NZ shares gain; Restaurant Brands climbs on upbeat outlook
NZ dollar stalls after Bascand's rate cut comments
Bascand says RBNZ will consider changing bank capital proposals
Affordable electricity key to decarbonisation - Genesis
Graeme Hart trims global packaging empire with US$615m asset sale