FIRST CUT: Contact 1H net profit jumps on asset sales, increases FY div guidance

Sun, 10 Feb 2019

By Gavin Evans Feb. 11 (BusinessDesk) - Contact Energy, the country’s second-largest electricity retailer, increased first-half profit five-fold on the sale of its Ahuroa gas storage and LPG business last year. Net profit rose to $276 million for the six months ended Dec. 31, from $58 million a year earlier, boosted by a $172 million gain from the asset sales. Earnings before interest, tax, depreciation, amortisation and changes in financial instruments from Contact’s remaining businesses rose to $278 million, from $217 million a year...

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