Contact turns focus towards debt reduction to support credit rating

Tue, 11 Oct 2016

By Tina Morrison Oct. 12 (BusinessDesk) - Contact Energy, the electricity and gas provider, is turning its focus to reducing debt after returning $847 million to shareholders over the past two years. "The strong cash flow of the business provides choices for the board between distribution to shareholders, paying down debt or reinvesting capital in maintaining and growing the business," chair Ralph Norris told shareholders at the company's annual meeting in Auckland. "We expect to have a bias over the next 12 to 18 months to paying down de...

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