Contact Energy profit up 17.6% on new plant and hydro gains

Sun, 17 Aug 2014

By Pattrick Smellie Aug. 18 (BusinessDesk) - The stars aligned for Contact Energy in the year to June 30, producing a 17.6 percent increase in net profit at $234 million and a second dividend increase for shareholders in two years, as a new geothermal power station came on stream and the upgraded Cook Strait cable allowed plentiful water in South Island hydro-electricity catchments to be used to best effect. The profit includes a $43 million payment from the contractors who built the company's brand new Te Mihi geothermal power station, o...

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