Contact increases dividend as FY earnings rise in competitive market

Mon, 19 Aug 2013

By Pam Graham Aug. 19 (BusinessDesk) – Contact Energy, the power company controlled by Origin Energy, increased annual profit before one-time items as it reduced reliance on contracted gas, allowing it to increase its dividend. Earnings before interest, tax, depreciation, amortisation and changes in fair value instruments were $541 million in the year ended June 30, up 6 percent on the previous year, the Wellington-based company said in a statement. Net profit of $199 million was slightly above First NZ Capital’s expectation of $191.7 mill...

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