Manawa Energy has reported a significant decline in profit for the 2024-25 financial year, with profit after tax of $300,000, down from $24.1 million in the previous year.
The company attributed the decrease to challenging market conditions, a bad debt expense, and a non-cash fair value loss on financial instruments.
Normalised ebitdaf fell to $91.3m, while underlying earnings dropped to $31.5m.
Manawa's total production volumes were 15% lower than the prior comparable period, primarily due to low hydro inflows and lower-than-expected wind offtake volumes.
Despite the difficulties, the company achieved significant milestones in its asset refurbishment and enhancement programme.
The proposed acquisition of Manawa by Contact Energy has been cleared by the Commerce Commission.
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