UPDATE Contact increases dividend as FY earnings rise; quits wind projects

Mon, 19 Aug 2013

By Pam Graham Aug. 20 (BusinessDesk) – Contact Energy, the power company controlled by Origin Energy, has increased its annual profit and final dividend and is pulling back from two big wind-powered projects. Earnings before interest, tax, depreciation, amortisation and changes in fair value instruments were $541 million in the year ended June 30, up 6 percent on the previous year, the Wellington-based company said in a statement. Net profit of $199 million was slightly above First NZ Capital’s expectation of $191.7 million. It is exiting...

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