Meridian Energy declares $71.3m interim dividend

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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.


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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.

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

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

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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

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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.

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