FIRST CUT: Genesis annual earnings slip 2.7% on weak energy prices, competition

Tue, 23 Aug 2016

By Pattrick Smellie Aug. 24 (BusinessDesk) - Genesis Energy, New Zealand's largest electricity retailer, posted a 2.7 percent decline in annual operating earnings as a combination of lower electricity, gas and oil prices combined with ongoing retail market competition to reduce revenues slightly more than operating costs. Earnings before interest, tax, depreciation, amortisation and movements in the value of financial instruments declined by $9.5 million to $335.3 million in the year to June 30, on total revenues of $2.01 billion, against...

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