Genesis Energy cuts FY guidance after losing gas, electricity customers; shares drop

Tue, 28 Apr 2015

By Tina Morrison April 29 (BusinessDesk) - Genesis Energy, New Zealand's largest energy retailer, cut its forecast for annual earnings after losing electricity and gas customers amid increased competition and as wholesale electricity prices declined. The shares dropped after the announcement. Earnings before interest, tax, depreciation, amortisation and other fair value changes will be between $330 million and $345 million in the year ending June 30, the Auckland-based company said in a statement. That's lower than its $363.4 million pros...

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