Contact Energy takes an $84m profit hit from gas storage writedown

Contact Energy takes an $84m profit hit from gas storage writedown
(Image: Contact Energy).
Staff reporters
Contact Energy today announced an annual net profit of $127 million for the June 30 year after being hit by an $84m expense at the Ahuroa Gas Storage (AGS) facility.Heavy rainfall over the year contributed to the gentailer’s lowest-ever thermal generation.Net profit was down 30.5% from the $182m it recorded in 2022. A review of the AGS showed it had reduced storage capacity. Taking AGS out of the equation, Contact’s underlying net profit was $211m.Underlying earnings before interest, tax, depreciation amortisation and fair value adj...

More Markets

Serko: a decade of ups and downs on the NZX
Markets

Serko: a decade of ups and downs on the NZX

The travel tech company that grew through covid.

Infratil's share offer to retailers looks fair
Markets

Infratil's share offer to retailers looks fair

The price and pro-rata offer make it a good opportunity, an analyst says.

NZX 50 ends the week down 1.5% in flurry of index reweighting
Markets Market close

NZX 50 ends the week down 1.5% in flurry of index reweighting

The S&P/NZX 50 index dropped 89.42 points, or 0.8%, to 11,682.39.

Paul McBeth 21 Jun 2024
KMD Brands guidance undershoots analysts' forecasts
Retail

KMD Brands guidance undershoots analysts' forecasts

Group sales between February and May have fallen 8.4% year-on-year.