FIRST CUT: Meridian Energy first-half profit falls, special dividend declared

Tue, 23 Feb 2016

By Pattrick Smellie Feb. 24 (BusinessDesk) - All-renewables electricity generator and retailer Meridian Energy announced an 11 percent fall in net profit after tax of $104 million for the six months ended Dec. 31 but cited sufficient strength in underlying earnings to lift the interim dividend and declare a special dividend of 2.4 cents per share. Driving the fall were a $13 million increase in operating and transmission expenses and a $32 million non-cash change in the value of financial instruments, which in Meridian's case tend to refl...

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