Friday 27th April 2012 |
Text too small? |
Meridian Energy will pay a $71.3 million dividend on its earnings for the first half of the financial year, in line with its dividend policy of a 75 percent payout ratio.
The company declared an underlying net profit after tax of $98.9 million for the six months to Dec. 31, down 20 percent 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,” said chief executive Mark Binns. The company was also ensuring it had sufficient capacity to fund future growth plans.
(BusinessDesk)
BusinessDesk.co.nz
No comments yet
PaySauce Quarterly Market Update - September 2024
October 2nd Morning Report
Rua Releases Annual Report for Year Ended 30 June 2024
SCL - Settlement of orchard sales
The Warehouse Group 2024 ASM and Director Nominations
AIR - Update on Chief Operational Integrity and Safety Officer
Comvita Limited - Annual Report 2024
September 27th Morning Report
Spark announces departure of Finance Director
FBU - Retail Entitlement Offer Opens