FIRST CUT: Contact lifts first-half underlying profit by 12%, cuts capex as sales fall

Sun, 12 Feb 2017

By Jonathan Underhill Feb. 13 (BusinessDesk) - Contact Energy posted a 12 percent gain in first-half underlying profit while holding its dividend unchanged and trimming capital expenditure in the face of weaker sales. Underlying profit rose to $82 million in the six months ended Dec. 31, from $73 million a year earlier, the Wellington-based company said in a statement. Sales fell to $1.04 billion from $1.12 billion. Net income was $96 million compared with a loss of $116 million a year-earlier, which reflected impairments. Sales were i...

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