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)

Tue, 20 Feb 2024

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...

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