{"id":48063,"date":"2023-08-14T04:31:40","date_gmt":"2023-08-14T08:31:40","guid":{"rendered":"https:\/\/ifintechworld.com\/investing\/contact-energy-fy-net-profit-nz127-million-down-31\/"},"modified":"2023-08-14T04:31:42","modified_gmt":"2023-08-14T08:31:42","slug":"contact-energy-fy-net-profit-nz127-million-down-31","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=48063","title":{"rendered":"Contact Energy FY Net Profit NZ$127 Million, Down 31%"},"content":{"rendered":"
\n

By David Winning<\/p>\n

<\/pre>\n
SYDNEY–Power generator and retailer Contact Energy said its annual underlying profit rose by 16% and signaled it could increase its dividend in the 2024 fiscal year, as it follows up a record period of hydro inflows.<\/p>\n
\n
Contact, which operates hydro, geothermal and natural gas-fired power stations in New Zealand, forecast a dividend of at least 35 New Zealand cents (21 U.S. cents) for the 12 months through June, 2024. In previous years Contact has given a precise dividend figure rather than forecasting a minimum payout.<\/p>\n
Contact said its dividend guidance will be confirmed no later than its interim result in February because it hopes to reach a long-term supply agreement with the Tiwai smelter that consumes a large share of New Zealand’s electricity output.<\/p>\n
Analysts had anticipated a strong fiscal 2023 result and positive guidance from Contact after operating conditions improved markedly. In a note to clients earlier this month, Forsyth Barr said Contact had a “stunning second half” compared to a year earlier due to more favorable hydro conditions and rising retail yields.<\/p>\n
On Monday, Contact reported a net profit of NZ$127 million for the 12 months through June, down 31% on a year earlier. However, its underlying profit of NZ$211 million was 16% higher than the NZ$182 million achieved a year earlier.<\/p>\n
Underlying earnings before interest, tax, depreciation, amortization and fair value adjustments to financial instruments, or Ebitdaf, rose by 5% to NZ$573 million.<\/p>\n
Chief Executive Mike Fuge said Contact saw the highest nationwide hydro inflows in post-market history, with North Island rainfall the highest on record.<\/p>\n
“This depressed spot market prices and saw greater price separation between the North and South Islands,” Fuge said. “We responded by purchasing excess renewable electricity from the wholesale spot market and reduced our thermal generation to the lowest in Contact history.”<\/p>\n
<\/pre>\n
Write to David Winning at david.winning@wsj.com<\/p>\n
<\/pre>\n<\/p><\/div>\n<\/div>\n
Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"
By David Winning SYDNEY–Power generator and retailer Contact Energy said its annual underlying profit rose by 16% and signaled it could increase its dividend in the 2024 fiscal year, as it follows up a record period of hydro inflows. Contact, which operates hydro, geothermal and natural gas-fired power stations in New Zealand, forecast a dividend […]<\/p>\n","protected":false},"author":1,"featured_media":1898,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"video","meta":{"footnotes":""},"categories":[239],"tags":[83],"class_list":["post-48063","post","type-post","status-publish","format-video","has-post-thumbnail","hentry","category-investing","tag-featured","post_format-post-format-video"],"yoast_head":"\nContact Energy FY Net Profit NZ$127 Million, Down 31% | iFintechWorld<\/title>\n<meta name=\"description\" content=\"By David Winning SYDNEY--Power generator and retailer Contact Energy said its annual underlying profit rose by 16% and signaled it could increase its\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ifintechworld.com\/?p=48063\" \/>\n<meta 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