FIRST CUT: Mercury 1H earnings flat on reduced hydro generation

Mon, 25 Feb 2019

By Gavin Evans Feb. 26 (BusinessDesk) - Mercury NZ reported a slight decline in first-half operating earnings after reduced hydro generation and a lower energy margin took the gloss off record wholesale prices late last year. Earnings before interest, tax, depreciation, amortisation and changes in the financial instruments fell to $302 million in the six months through December, from $304 million a year earlier. Net profit fell to $104 million, from $131 million a year earlier. Revenue climbed 13 percent to $1.08 billion. Underlying pr...

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