FIRST CUT: Contact earnings fall 13% on tough wholesale conditions

Sun, 12 Aug 2018

By Gavin Evans Aug. 13 (BusinessDesk) - Contact Energy, the country’s second-largest gas and power retailer, says full-year profit fell 13 percent as low hydro storage increased its energy costs and tough competition kept pressure on retail margins. Net profit fell to $132 million in the year ended June 30, from $151 million a year earlier. Earnings before interest, tax, depreciation and changes in financial instruments fell to $481 million, down 4 percent from a revised $501 million a year earlier. Underlying profit, which excludes ch...

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