King Country Energy cuts annual earnings guidance as drought cuts hydro output

Thu, 28 Mar 2013

By Paul McBeth March 28 (BusinessDesk) - King Country Energy, which is majority owned by Todd Energy, has cut its annual earnings expectations as the worst drought in the North Island for seven decades has cut its hydro-electricity output and forced it to buy electricity on the spot market. The Taumarunui-based company expects earnings before interest, tax, depreciation, amortisation and fair value adjustments to between $12.75 million and $13.25 million in the year ending March 31, it said in a statement. That's down from a previous forecas...

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