Contact Energy 1st-half net profit NZ$88 million, up 29.4% on year

2/18/2013

Contact Energy 1st-half net profit NZ$88 million, up 29.4% on year

BY REBECCA HOWARD

WELLINGTON -- Contact Energy, Tuesday, reported a higher first-half net profit, helped by a diverse fuel and asset portfolio.

Contact Energy said its net profit for the six months to Dec. 31 was 88 million New Zealand dollars (US$74 million), 29.4% higher than the prior corresponding period. Its earnings before net interest expense, tax, depreciation, amortization, change in fair value of financial instruments and other significant items were NZ$253 million, up 10% on the year.

"The result demonstrates the benefits of our investments in peakers and gas storage. The diversity of our fuel and asset portfolio has more than offset the impact of lower wholesale prices," said Chief Executive Dennis Barnes.

Dow Jones Newswires

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