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

Oceania forecasts sales lift as it targets debt
Property

Oceania forecasts sales lift as it targets debt

It said sales applications had lifted 23% between July and August.

New structure, powers for ComCom
Markets

New structure, powers for ComCom

Groceries, aviation, building supplies, digital services carparking all get a mention.

NZME shareholder Jim Grenon lifts investment in media firm
Markets

NZME shareholder Jim Grenon lifts investment in media firm

NZME shareholder and director Jim Grenon has lifted his investment in the media business for the second time in recent weeks, to just under 18%.A notice to the NZX on Monday stated Grenon had lifted his shareholding from 15.963% to 17.932%, after acquiring 3.7 million shares for...

‘Unusual’ volume of CCCFA changes in focus
Finance

‘Unusual’ volume of CCCFA changes in focus

Select committee mulls proposed changes to CCCFA, to report recommendations Oct 20.