Multiple factors knock Meridian profit

Sun, 12 Aug 2012

By Pattrick Smellie Aug. 13 (BusinessDesk) - Low rainfall, the sale of some of its assets to Genesis Energy and a one-off dispute settlement in the previous year saw Meridian Energy's net profit fall 52 percent to $106.1 million in the year ended June 30. The result, which excludes unbooked movements in the fair value of financial instruments, largely reflects the lowest rainfall in Meridian's South Island hydro catchments in 79 years of record-keeping, and the loss of output from the Tekapo A and B hydro stations. The Tekapo units were sold...

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