Geothermal exit, dry weather wallop Mighty River earnings

Mon, 23 Feb 2015

By Pattrick Smellie Feb. 24 (BusinessDesk) - Electricity generator and retailer Mighty River Power declared a massive drop in earnings for the six months to Dec. 31, falling from $116 million in the comparable prior period to $8 million, largely reflecting one-off writedowns as it exited its international geothermal interests. However, dry weather also played a part, with earnings before interest, tax, depreciation, amortisation and changes in the fair value of financial instruments – a basic measure of operating earnings – falling $12 mi...

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