Meridian Energy beats prospectus forecast

Last updated 09:05 19/02/2014

Relevant offers

Industries

Curran's criticism of Sky curtailed Manuka Health opens $10m Te Awamutu factory Snapper bypass Pelorus Sound Poor repairs to haunt buyers 'Do not knock' a popular message Pre-fabricating 'could reduce costs' Immigration by Chinese credit Chinese take big stake in city firm When Eric Watson met Heidi Klum Strong demand for Arvida IPO

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