Contact reports increased earnings and profit

Contact has been running its thermal generation hard. (Image: NZME)

Mon, 19 Aug 2024

Contact Energy reported a net profit of $235 million for the 12 months to June 30, up from the previous year’s $211m.Operating earnings (ebitdaf) of $675m were up 16% to $663m.The earning figures include a $12 m onerous contract provision relating to the Ahuroa Gas Storage facility ($5m within net profit after tax and interest). Excluding the movement in the provision, underlying net profit was up 9% on FY23 to $230m.One-off write-offs of $36m hit net profit after tax relating to damage to peaker assets, remediation work re...

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