Mercury's profit increases 159%

Mercury's hydro generation was down due to low inflow into Lake Taupo. (Image: NZME)

Tue, 20 Aug 2024

Mercury reported a 158.9% increase in net profit to $290 million, attributing the growth mainly to positive changes in the fair value of unhedged financial instruments.This profit lift came from a 4% increase in earnings (ebitdaf) to $887m for the 12 months to June 30 due to increased wind and geothermal generation and higher customer prices, offset by reduced hydro generation and higher operating costs.Hydro generation was hit by very low inflows into Lake Taupo and was 4,096 gigawatt hours (GWh), down 21% on the prior year’s record gene...

Subscribe to BusinessDesk

Stay informed on business, government and financial developments across New Zealand.

Stay informed on business, government and financial developments across New Zealand.
Deeply researched, twice-edited and fact-checked news
Annual subscribers also receive a complimentary subscription to The Wall Street Journal
Personalised email news alerts, plus gift up to 5 stories a month to non-subscribers

You can cancel anytime with two clicks, an email or a phone call.
Find out more.

We are serious about journalism.

Name {{ registerForm.errors.get('name') }}

Email address {{ registerForm.errors.get('email') }}

Phone Number {{ registerForm.errors.get('phone') }}

Job Title {{ registerForm.errors.get('title') }}

Password Minimum password length of 8 characters.
Require at least one upper and lowercase, numeric, and special character. {{ registerForm.errors.get('password') }}

Repeat password {{ registerForm.errors.get('password_confirmation') }}

We had trouble validating your card. It's possible your card provider is preventing us from charging the card. Please contact your card provider or customer support.

Credit Card

Cardholder's name

{{ __(plans[index].interval) | capitalize }} {{ plans[index].attributes.old_price | currency }} {{ plans[index].price | currency }}

All subscriptions auto renew but are easy to cancel.

I Accept The Terms Of Service

{{ registerForm.errors.get('terms') }}

Tax: {{ taxAmount(selectedPlan) | currency }}

Total Price Including Tax: {{ priceWithTax(selectedPlan) | currency }} {{ selectedPlan.type == 'user' && spark.chargesUsersPerSeat ? '/ '+ spark.seatName : '' }} {{ selectedPlan.type == 'user' && spark.chargesUsersPerTeam ? '/ '+ __('teams.team') : '' }} / {{ __(selectedPlan.interval) | capitalize }}

Markets Market close

NZ sharemarket falls 0.6% after Monday's surge

The S&P/NZX 50 Index closed at 13,113.19, declining 82.89 points or 0.63%.

Graham Skellern 6:25pm

Policy

Trump pledges tariffs on Mexico, Canada and China

Move indicates Trump will follow through on tough campaign rhetoric.

The Wall Street Journal 2:00pm

Trump pledges tariffs on Mexico, Canada and China

Markets

Aroa posts $1.5m HY loss, forecasts annual profit

Auckland surgical products company is forecasting annual profit of between $2m to $6m.

John Anthony 2:00pm

Aroa posts $1.5m HY loss, forecasts annual profit

Sponsored

Electric vehicles charge ahead for summer road trips as Z Energy boosts network

Expanded charger network makes long-range drives easier.

Z Energy

Sponsored

Culture strengthens Māori business

Collaboration and culture offer strength in turbulent times.

BDO

More Markets

Markets Market close

NZ sharemarket falls 0.6% after Monday's surge

The S&P/NZX 50 Index closed at 13,113.19, declining 82.89 points or 0.63%.

Graham Skellern 6:25pm

Markets

Rocket Lab nabs Biden funding

Rocket Lab has hit a milestone by launching two Electron rockets within 24 hours.The New Zealand-American firm also said on Tuesday it had finalised US$23.9 million (NZ$41.3m) in Biden administration “Chips Act” funding.Proposed recipients of funding under the legislation, design...

Staff reporters 3:30pm