Manawa profit masks a difficult time

Manawa boss David Prentice is focused on the future after a difficult six months. (Image: Manawa)

Wed, 09 Nov 2022

Manawa Energy’s declaration of a 239% increase in net profit will inflame those calling for windfall taxes, but this would ignore what was a difficult six months for the company.It reported a net profit after tax of $391 million for the six months to Sept 30. This compares with $115m in the previous comparable period.This was almost entirely due to the sale of its retail business and the money is partly being used to fund new generation.This rise was driven by the one-off sale of Trustpower’s retail business to Mercury. After the de...

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