MightyRiverPower profit jumps, beating prospectus, as sales fall

Tue, 27 Aug 2013

Aug. 28 (BusinessDesk) – MightyRiverPower posted a gain in full-year profit of almost 70 percent, beating its prospectus forecast in what is a credibility test for a company whose shares have languished since their listing in May. Net profit was $114.8 million in the year ended June 30, up from $67.7 million a year earlier, the company said in a statement to the NZX. Sales fell 9 percent to $1.38 billion and the company’s energy margin, which is sales excluding line and energy costs, shrank 6.3 percent to $678.3 million. Sales, margin and op...

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