Contact Energy's underlying net profit for the first half of the financial year 2024 has increased by 70% to $134 million, while operating earnings rose by 26% to $325m.
The improved performance was attributed to closer alignment of channel pricing to the wholesale market and greater thermal efficiency.
However, it was partially offset by lower hydro generation, reduced steam revenue, and one-off write-offs.
The company's chief executive, Mike Fuge, expressed confidence in the results, stating that it set them up well for the future.
Contact Energy also reported a 163% increase in operating free cash flow and declared an interim dividend of 14 cents per share.
Looking ahead, Fuge said the company was focused on reaching significant milestones in its decarbonisation strategy.
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