The winds of change: Mercury earnings down $48m

The winds of change: Mercury earnings down $48m
The company stumped up $65m to exit a loss-making hedge contract with Norske Skog. (Image: Supplied)
Dan Brunskill
Energy company Mercury NZ's reported half-year earnings were down $48 million from the period last year as it faced dry weather conditions and made significant changes to the business.The electricity generator and retailer earned $242m in the half year ended Dec 31, before interest, tax, depreciation, amortisation, and fair value adjustments.This was below the expectations of analysts from Forsyth Barr and Jarden – who predicted earnings to be roughly $275m – and down from $290m last year.Net profit after tax more than tripled o...

More Markets

NZ sharemarket down slightly
Markets Market close

NZ sharemarket down slightly

The S&P/NZX 50 Index closed at 11,800.78, down 20 points or 0.17%.

Graham Skellern 07 May 2024
IkeGPS wins $4m in US contracts for its 'industry standard' software
Markets

IkeGPS wins $4m in US contracts for its 'industry standard' software

The company is positioning its software as integral to US electrical grid design.

Staff reporters 07 May 2024
'Spectacular': Briscoe's Rod Duke rapt with 1Q sales result
Retail

'Spectacular': Briscoe's Rod Duke rapt with 1Q sales result

Unaudited group sales grew 1.03% amid tough trading conditions.

Gregor Thompson 07 May 2024
ANZ increases cash profit as net interest margins get squeezed
Economy

ANZ increases cash profit as net interest margins get squeezed

ANZ New Zealand has reported a 4% increase in its half-yearly profit despite pressure squeezing its margins.The bank's cash profit increased to $1.15 billion in the six months to March, up from $1.1b in the same period last year, but stable compared to the second half of its...

Riley Kennedy 07 May 2024