Rising costs and less rain weigh on Mercury's profit

Rising costs and less rain weigh on Mercury's profit
A lack of rain over Mercury's hydro catchments were a drag on results. (Image: Mercury)
Ian Llewellyn
Mercury reported reduced profit and earnings as the electricity company ran into headwinds from higher costs and New Zealand’s fickle weather.For the six months ending December, Mercury said net profit was $174 million for the half year, down $65m on the prior comparable period because of higher depreciation, interest charges and net changes in fair value.Earnings (Ebitdaf) came in at $434m, $17m down on the prior comparable period, a strong performance given the much higher hydro generation during HY23.New wind generation comin...

More Markets

NZ sharemarket up 0.1% on flat trading day
Markets Market close

NZ sharemarket up 0.1% on flat trading day

The S&P/NZX 50 Index closed at 11,790.92, up 14.18 points or 0.12%.

Advent International eyes NZ deals with Aussie outpost
Markets

Advent International eyes NZ deals with Aussie outpost

US private equity giant says NZ key market for growth.

These shares are 'priced for awful'
Markets

These shares are 'priced for awful'

Kathmandu, SkyCity and Fletcher shares are under pressure. Some are taking the plunge.