FIRST TAKE: Wet North Island winter, customer gains drive Mercury's 15% profit growth

Mon, 21 Aug 2017

By Pattrick Smellie Aug. 22 (BusinessDesk) - Mercury Energy ran its North Island hydro generation hard while southern competitors suffered a dry winter, helping boost the Auckland-based electricity generator and retailer's net profit in the year to June 30 by 15 percent, to $184 million. "The record result was significantly influenced by an 858 Gigagwatt hours, or 22 percent, increase in full year hydro generation from persistently strong inflows across the Waikato River catchment," said chief executive Fraser Whineray. Combined with l...

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