Contact energy beats FY profit forecast, benefits from hydro shortages

Mon, 13 Aug 2012

Aug. 14 (BusinessDesk) - Contact Energy, the country's biggest listed electricity generator and retailer, beat expectations as it lifted annual profit 27 percent as low rainfall in hydro catchments saw Contact run its gas-fired generation units harder to meet national demand. Net profit rose to $190.4 million, or 26.9 cents per share, in the year ended June 30 from $150.9 million from 23.9 cents per share, a year earlier, the Wellington-based company said in a statement. Earnings before interest, tax, depreciation, amortisation and unrealised...

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