Mighty River to up dividends

Last updated 05:00 24/11/2012

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Mighty River Power says it will return more of its profits in dividends as it prepares for flotation in an economy with little growth in demand for electricity.

The company, scheduled to be floated early next year, said it would now pay up to 110 per cent of its net profit after tax as dividends, up from the previous target of 75 per cent.

Mighty River Power was "now adjusting to the current outlook for New Zealand electricity supply and demand" with less cashflow needed for new projects, the company said in a statement.

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- © Fairfax NZ News

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