FIRST CUT: Low hydro flows cut Meridian earnings, dividend still rises

Pattrick Smellie
Tue, 20 Feb 2018

By Pattrick Smellie Feb. 21 (BusinessDesk) - Meridian Energy, the renewables electricity generator and retailer, posted a 7 percent fall in first-half earnings as low inflows into its South Island hydro catchments reduced its electricity output. Earnings before interest, tax, depreciation, amortisation and changes in fair value hedges and other significant items fell to $329 million in the six months to Dec. 31, from $354 million in the year-earlier period, the Wellington-based company said in a statement. Net profit fell 13 percent to $1...

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