MightyRiverPower ekes out 3.7 percent earnings gain on cost-cutting measures, affirms annual guidance

Tue, 25 Feb 2014

By Paul McBeth Feb. 26 (BusinessDesk) - MightyRiverPower, the first state-owned power company partially privatised last year, increased first-half earnings 3.7 percent as it clamped down on costs amid poor hydro conditions, while affirming its annual growth target. Earnings before interest, tax, depreciation, amortisation, and fair value adjustments (EBITDAF) rose to $269.6 million in the six months ended Dec. 31 from $260.1 million a year earlier, and is on track to reach its annual forecast of $498 million, the Auckland-based company said...

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