King Country Energy said its profit after tax fell to $1.6 million in the year to March 31, from $3.4 million last year.Operating revenue remained steady at $33 million. Operating expenses increased 15%, primarily driven by higher wholesale electricity co
King Country Energy said its profit after tax fell to $1.6 million in the year to March 31, from $3.4 million last year.
Operating revenue remained steady at $33 million. Operating expenses increased 15%, primarily driven by higher wholesale electricity costs and settlement costs associated with electricity hedge contracts.
Chairman Brian Gurney said the year was a challenging one for King Country Energy.
"This year's financial result is a disappointing one. However, there are many positive signals in the company, we have a solid business with good operating cashflows and a strong platform for growth," he said.
