Manawa Energy has reported a profit after tax of $3.3 million for the first half of the 2024 financial year, a significant decline from $55.9m in the same period last year.
The company attributed the decrease to challenging market conditions, a provision for bad debt, and a non-cash fair value loss on financial instruments.
As a result of the extreme market conditions, Manawa's ebitdaf fell to $43.6m, down $34.2m, and underlying earnings dropped to $15.5m, down $23.5m.
The company's production volumes were also 17% lower than the previous year, due to low hydro inflows.
Despite the difficult first half, Manawa expects its normalized ebitdaf for the full financial year to be in the range of $95m-$115m.
A fully imputed interim dividend of 4 cents per share was declared.
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