Mighty River to up dividends

Last updated 05:00 24/11/2012

Relevant offers

Industries

Banks put money on Chorus promise What you need to know in business: Friday Sawmilling firm ordered to reduce noise at night Moa plans $5.3m capital raising Company to dig for South Island treasure NZ posts trade surplus despite losing tailwind Market takes currency intervention hint SBS bank CEO leaves bank in good shape Aussies find 'cold' start in rebuild tough Fears Postie Plus creditors to miss out

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.

Ad Feedback

- BusinessDay.co.nz

Special offers

Featured Promotions

Sponsored Content