Meridian 1H earnings beat prospectus, down 6 percent on last year

Tue, 18 Feb 2014

Feb. 19 (BusinessDesk) – Newly NZX-listed Meridian Energy beat its prospectus forecast for earnings in the six months to Dec. 31, thanks to high inflows to hydro lakes giving the company a larger than normal share of the generation market during the period. Underlying net profit, the company’s preferred measure of profitability because it removes distorting items, was $83 million, 6 percent lower than for the same period a year earlier, but 27.7 percent above the company’s internal half year split of the prospectus forecast, said chief execut...

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