Low lakes trim Mercury earnings forecast

Low lakes trim Mercury earnings forecast
Staff reporters
Mercury NZ has trimmed its full-year earnings guidance by $10 million due to ongoing dry weather in the central North Island.The company, which normally gets three-quarters of its generation from nine power stations on the Waikato River, said it expects to report earnings of $505 million before interest, tax, depreciation, amortisation and changes in financial instruments in the year to June 30. That assumes its dams produce 3,700 gigawatt-hours of electricity, down from the 3,900 GWh it had forecast five weeks ago.Recent rain in the South Isla...