Contact's profit increases as prices and costs rise

Mike Fuge said it was the strongest result in four years and came amid extreme volatility in the market. (Image: Contact)

Ian Llewellyn

Mon, 19 Feb 2024

Contact Energy reported an increase in net profit and said it expects an electricity deal to be finalised with the Tiwai Point aluminium smelter on more generous terms.It recorded a net profit of $153 million for the six months ended Dec 31 and operating earnings (Ebitdaf) of $354m. This includes a $29m reduction in the onerous contract provision of the Ahuroa Gas Storage facility within Ebitdaf and $19m within net profit after tax and interest.Excluding the provision release, underlying net profit was up 70% on the comparable last ye...

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