Meridian Energy beats prospectus forecast with 22% drop in full-year profit

Sun, 17 Aug 2014

By Jonathan Underhill Aug. 18 (BusinessDesk) - Meridian Energy, which went public in October with a listing of installment receipts, posted a 22 percent decline in full-year profit in a market where retail electricity demand was flat and wholesale prices fell. Profit was $229.8 million in the 12 months ended June 30, down from $295 million a year earlier, the Wellington-based company said in a statement. Operating revenue dropped to $2.51 billion from $2.7 billion. Earnings beat the state-controlled utility's prospectus forecasts, show...

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