Genesis Energy beats prospectus forecast with 53% drop in full-year profit

Tue, 26 Aug 2014

By Jonathan Underhill Aug. 27 (BusinessDesk) - Genesis Energy, New Zealand’s largest energy retailer, posted a 53 percent drop in full-year profit, beating its prospectus forecast and affirmed it was on track to meet its targets for 2015 even in the face of heightened retail competition for electricity and gas. Profit was $49.2 million in the 12 months ended June 30, down from $104.5 million a year earlier, the Auckland-based company said in a statement. Sales slipped 3 percent to about $2 billion. The results beat its prospective financi...

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