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

Sky extends BBC content deal
Markets

Sky extends BBC content deal

The extension will see premium British dramas appear on Sky’s channels.

NZ sharemarket bounces back 0.5%
Markets Market close

NZ sharemarket bounces back 0.5%

The S&P/NZX 50 Index closed at 11,852.8, up 56.58 points or 0.48%.

Graham Skellern 22 Apr 2024
Ryman CEO Umbers' tenure ends abruptly
Markets

Ryman CEO Umbers' tenure ends abruptly

Company chair Dean Hamilton will take over as interim executive chair.

Gregor Thompson 22 Apr 2024
TradeWindow $2.2m raise closes over-subscribed
Markets

TradeWindow $2.2m raise closes over-subscribed

The company reiterated its guidance that it will be breaking even.

Pattrick Smellie 22 Apr 2024