FIRST TAKE: Contact Energy takes 10% hit to underlying earnings as hydro shortage bites

Sun, 13 Aug 2017

By Pattrick Smellie Aug. 14 (BusinessDesk) - Contact Energy reported a 10 percent fall in underlying earnings to $141 million for the year to June 30, although statutory net profit showed a $216 million turnaround for the year mainly because the costs of closing its Otahuhu-B gas-fired power station washed out of the figures. Net profit after tax was $150 million, compared with a $66 million statutory loss declared in the previous period. Earnings before tax, depreciation, amortisation and changes in the value of financial instruments...

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