Contact 1H earnings fall amid higher fuel, carbon costs

Mon, 10 Feb 2020

Contact Energy said first-half operating earnings fell 21 percent amid tight gas supplies and reduced sales volumes to the firm’s commercial and industrial customers.Earnings before interest, tax, depreciation, amortisation and changes in financial instruments fell to $221 million in the six months ended December 31, from $278 million a year earlier on a continuing operations basis, as low lake levels reduced hydro generation and gas shortages increased fuel costs.Earnings from the generation business fell to $204 million, down $39 million from...

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