Genesis reports record operating earnings, flags price rises

Marc England delivered his last earnings result at the helm of Genesis (Image: Supplied)

Fri, 19 Aug 2022

Genesis has reported its best operating earnings since it was partially privatised with a result of $440.3 million, but said rising costs would have to flow through to power bills. Net profit was up 600% to $221.9m for the year to June 30 from last year's profit of $31.7m. Genesis played down this result saying it was largely due to an upwards revaluation of its derivative contracts and other assets.Genesis, like all the major generator/retailers, is shy about headline profit numbers especially when they are foreshadowing the need to i...

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