Meridian Energy beats prospectus forecast

Last updated 09:05 19/02/2014

Relevant offers


Weight Watchers campaign joins list of PR blunders Skills shortage results in firms looking internally to fill roles, recruitment firm says Pumpkin Patch in trading halt - too much debt, not enough capital British American Tobacco offers to buy Reynolds in US$47 billion deal Ikea NZ Facebook page set up: Is it finally coming to NZ? Auckland Council and contractors ordered to pay $120,000 to the family of killed rubbish truck worker 71yo asked to stand on hot water cylinder to plug in phone after bizarre UFB install Tuanz welcomes Vodafone offer to keep internet users connected Travel companies adapting to 'luxury' demands of young travellers The video that exposed Samsung's problems in China

Former state-owned enterprise Meridian has beaten its prospectus profit forecast after high rainfall boosted its hydro power generation.

In its first result since listing in October, Meridian reported net profit of $116.9 million for the six months to December, up 49 per cent on the result forecast in its prospectus.

''The above average hydrology conditions in Meridian's catchments contributed to consistently high generation market share in the last six months, with generation volume being the highest in the company's history," chief executive Mark Binns said.

Revenue was $1097.9 million.

The company said it would pay a dividend of 4.19c a share in April, matching its prospectus forecast.

Meridian's instalment receipts closed at $1.035 yesterday, compared to the offer price of $1.

more to come

Ad Feedback

- Fairfax Media

Special offers

Featured Promotions

Sponsored Content