Genesis 1H earnings slide 23 percent on weak demand, low wholesale prices

Tue, 11 Feb 2014

Feb. 12 (BusinessDesk) - Genesis Energy, the state-owned power company slated for partial privatisation this year, reported a 23 percent drop in first-half operating earnings, reflecting stiff retail competition and a warm winter, which meant hydro-storage was above average wholesale prices were lower. But the company still increased its interim dividend as the sale of up to 49 percent of the government’s shareholding in the country’s largest power company by customer numbers looms in the early part of this year. Earnings before interest, ta...

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