Genesis Energy forecasts lower annual earnings on fossil fuel costs, Tiwai

Tue, 18 Oct 2016

By Tina Morrison Oct. 19 (BusinessDesk) - Genesis Energy, New Zealand's largest electricity retailer, said lower oil prices, increased carbon costs and its "below market" contract with the struggling Tiwai Point aluminium smelter will weigh on earnings this year. Earnings before interest, tax, depreciation, amortisation and fair value adjustments are expected to fall to between $305 million and $325 million in the year ending June 30, 2017, from $335.3 million the previous year, the Auckland-based company said in a presentation for deliv...

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