Contact ‘solid’ in ‘soft’ market conditions
Gentailer declares flat final dividend as onerous contract weighs on bottom line.
Contact Energy chief executive Mike Fuge.
Electricity generator and retailer Contact Energy has reported a 30% fall in net profit for the year to June, driven by an $84 million provision for losses on its Ahuroa gas storage contract.
The bottom line for the year was $125m, down from $182m a year earlier.
Revenue fell 11% to $2.11 billion.
The
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