Contact profit dips 2.6%, announces new geothermal generation

Contact energy is expanding its geothermal capacity. (Image: Contact)

Mon, 15 Aug 2022

Contact Energy's annual profit dipped 2.6% in June 2022 compared with a year ago.Today's result was released as Contact announced it would invest $300 million in a new 51.4 megawatt (MW) geothermal power station at Te Huka near Taupō, due online in late 2024.Net profit fell to $182m, or 23.4 cents per share, in the 12 months ended June 30 from $187m, or 25.3cps, in the June 2021 year.Contact reported earnings before interest, tax, depreciation, amortisation, and fair value adjustments (Ebitdaf) of $537m, down $16m, or 3% from last year,...

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