Meridian Energy declares $71.3m interim dividend

BUSINESSDESK: Meridian Energy will pay a $71.3 million dividend on its earnings for the first half of the financial year, in line with its policy of a 75% payout ratio.

The company declared an underlying net profit after tax of $98.9m for the six months to December 31, down 20% on the previous period, largely thanks to the sale its two Tekapo hydro power stations to Genesis Energy as part of government-mandated electricity sector reforms.

Low hydro inflows during the period also reduced earnings for the largest of the state-owned electricity companies slated for partial privatisation over the next five years.

“Board approval of this level dividend is positive reinforcement of the company’s performance during this period,” chief executive Mark Binns said.

The company was also ensuring it had sufficient capacity to fund future growth plans.


5 · Got a question about this story? Leave it in Comments & Questions below.

This article is tagged with the following keywords. Find out more about MyNBR Tags

Post Comment

5 Comments & Questions

Commenter icon key: Subscriber Verified

Bl**dy dividends. Who needs em? Tell you what lets sell Meridian then we wont need to get them every year. After all cutting a few jobs at various Ministry's is a MUCH better way of balancing the books.

Reply
Share
  • 0
  • 0

Sell it quick before we get any more of these long term sustainable returns.

Reply
Share
  • 0
  • 0

Before everyone gets too excited, remember that is a dividend yield of a tad over 1% (on stated commercial value).

Reply
Share
  • 0
  • 0

Let's see what the listing price actually is. Higher forces are currently driving Contact price down to justify a low IPO price.

Expect them to list this with a 7%+ Div yield.

TOTALLY AGAINST ASSET SALES

Reply
Share
  • 0
  • 0

And still they put up the prices when is enough enough?? do you know we pay people to go to work, to find ways and means of screwing their customers.
It's like the supermarkets, they have raised the prices of commodities to such an extent, that they have specials now and they are still making much more than full retail, it is so staggering this modern world, look at the horrific profits the Banks return....greed is going to destroy this world watch and see.

Reply
Share
  • 0
  • 0

Post New comment or question

Plain text

  • No HTML tags allowed.
  • Web page addresses and e-mail addresses turn into links automatically.
  • Lines and paragraphs break automatically.

NZ Market Snapshot

Forex

Sym Price Change
USD 0.7142 0.0024 0.34%
AUD 0.9577 0.0043 0.45%
EUR 0.6442 0.0044 0.69%
GBP 0.5364 0.0073 1.38%
HKD 5.5422 0.0191 0.35%
JPY 73.5070 0.2900 0.40%

Commods

Commodity Price Change Time
Gold Index 1320.6 1.800 2016-06-30T00:
Oil Brent 49.7 1.480 2016-06-30T00:
Oil Nymex 48.3 -1.510 2016-06-30T00:
Silver Index 18.6 0.220 2016-06-30T00:

Indices

Symbol Open High Last %
NZX 50 6897.5 6932.1 6897.5 0.42%
NASDAQ 4793.8 4843.1 4779.2 1.33%
DAX 9566.1 9695.6 9612.3 0.71%
DJI 17712.8 17930.6 17694.7 1.33%
FTSE 6360.1 6504.3 6360.1 2.27%
HKSE 20736.8 20828.0 20436.1 1.75%
NI225 15698.0 15765.0 15575.9 0.62%
ASX 5233.4 5278.9 5233.4 0.25%