FIRST CUT: Meridian lifts earnings on late hydro recovery

Tue, 21 Aug 2018

By Gavin Evans Aug. 22 (BusinessDesk) - Meridian Energy, New Zealand’s biggest power generator, today reported a slight lift in full-year earnings despite weak hydro conditions for much of the period. Net profit rose marginally to $201 million for the year ended June 30, from a restated $200 million a year earlier. Earnings before interest, tax, depreciation, amortisation and changes in financial instruments rose to $666 million, up 1.4 percent from $657 million a year earlier. Prior year earnings were restated for a change in accounting...

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