Genesis underlying profit up 16% on improved retail earnings

Tue, 27 Aug 2019

By Gavin Evans Aug. 28 (BusinessDesk) - Genesis Energy reported a 16 percent increase in underlying full-year profit, with improved retail earnings offsetting a flat performance from its generation arm and weaker oil production from its Kupe interests. The country’s biggest electricity and gas retailer said net profit more than doubled to $59 million for the year ended June 30, buoyed by $35 million of fair value gains. Excluding those gains and other one-time items, underlying profit rose to $67 million from $57 million a year earlier....

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