Mighty River sees profits surge
Electricity SOE, to be floated next year, posts 50% increase in net profit after tax.
Mighty River Power has posted a 50% increase in net profit after tax for the year to June.
In a statement the electricity generator said net profit after tax had risen to $127.1 million from $84.6 million.
Chief executive Doug Heffernan put the result down to prior investment in geothermal production.
“After a period of sustained growth and investment, this year was always going to be a good measure of the success of our geothermal growth - and particularly in the context of the subdued wholesale electricity prices which prevailed during the year, weak demand, and an intensely competitive retail market,” he says.
The electricity generator is one of five companies flagged by Prime Minister John Key for part-privatisation following November’s election.
Matt Nippert
Tue, 30 Aug 2011
Tue, 30 Aug 2011
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Mighty River sees profits surge
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