Meridian Energy beats prospectus forecast

Last updated 09:05 19/02/2014

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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.

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- Fairfax Media

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