Manawa profit masks a difficult time

Manawa boss David Prentice is focused on the future after a difficult six months. (Image: Manawa)

Wed, 09 Nov 2022

Manawa Energy’s declaration of a 239% increase in net profit will inflame those calling for windfall taxes, but this would ignore what was a difficult six months for the company.It reported a net profit after tax of $391 million for the six months to Sept 30. This compares with $115m in the previous comparable period.This was almost entirely due to the sale of its retail business and the money is partly being used to fund new generation.This rise was driven by the one-off sale of Trustpower’s retail business to Mercury. After the de...

Subscribe to BusinessDesk

Stay informed on business, government and financial developments across New Zealand.

Stay informed on business, government and financial developments across New Zealand.
Deeply researched, twice-edited and fact-checked news
Annual subscribers also receive a complimentary subscription to The Wall Street Journal
Personalised email news alerts, plus gift up to 5 stories a month to non-subscribers

You can cancel anytime with two clicks, an email or a phone call.
Find out more.

We are serious about journalism.

Name {{ registerForm.errors.get('name') }}

Email address {{ registerForm.errors.get('email') }}

Phone Number {{ registerForm.errors.get('phone') }}

Job Title {{ registerForm.errors.get('title') }}

Password Minimum password length of 8 characters.
Require at least one upper and lowercase, numeric, and special character. {{ registerForm.errors.get('password') }}

Repeat password {{ registerForm.errors.get('password_confirmation') }}

We had trouble validating your card. It's possible your card provider is preventing us from charging the card. Please contact your card provider or customer support.

Credit Card

Cardholder's name

{{ __(plans[index].interval) | capitalize }} {{ plans[index].attributes.old_price | currency }} {{ plans[index].price | currency }}

All subscriptions auto renew but are easy to cancel.

I Accept The Terms Of Service

{{ registerForm.errors.get('terms') }}

Tax: {{ taxAmount(selectedPlan) | currency }}

Total Price Including Tax: {{ priceWithTax(selectedPlan) | currency }} {{ selectedPlan.type == 'user' && spark.chargesUsersPerSeat ? '/ '+ spark.seatName : '' }} {{ selectedPlan.type == 'user' && spark.chargesUsersPerTeam ? '/ '+ __('teams.team') : '' }} / {{ __(selectedPlan.interval) | capitalize }}

Travel

Transylvania's last Saxons revive its stunning ghost villages

They fled Romania's communist dictator. Decades later, they've come home.

Agence France-Presse 15 Dec 2024

Health Opinion

Working later in life a lifesaver for some, a drag for others

'It keeps us healthy and gives us an extra reason to get up in the morning’.

The Washington Post 15 Dec 2024

Working later in life a lifesaver for some, a drag for others

Services

A box of unopened mail for a Xmas gift. What could go wrong?

Mystery packages popular in the US, but things can quickly go from fun to weird.

The Wall Street Journal 15 Dec 2024

A box of unopened mail for a Xmas gift. What could go wrong?

Sponsored

Why Kiwis are embracing Bitcoin ETFs

The once hard-to-access investment option is becoming mainstream.

Smart

Sponsored

Boost worker health, boost results

Research shows flexible workspaces improve health and productivity

Regus

More Energy

News in Brief

Supplier signed up for $450m Cook Strait cable replacement

Transpower has signed up global cable solutions supplier Prysmian for the $450 million job replacing the high voltage direct current submarine electricity cables linking the North and South Islands.The HVDC link, commonly referred to as the Cook Strait cable, is expected to come...

Ian Llewellyn 13 Dec 2024