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Meridian Energy posts 7% rise in profit for FY 2014/15

Te Apiti wind farm in New Zealand. Author: Jondaar_1. License: Creative Commons, Attribution 2.0 Generic

August 19 (SeeNews) - New Zealand hydro and wind power company Meridian Energy Ltd (NZE:MELCA) said on Wednesday its after-tax net profit for the fiscal 2014/15 has increased by 7% year-on-year to NZD 247 million (USD 162.7m/EUR 147.2m).

The result for the financial year ended on June 30, 2015, benefitted from certain accounting adjustments to tax of NZD 62 million, the firm said.

Underlying after-tax net profit was NZD 209 million, up by 7% as well. The company noted that both figures were also 17% higher than the prospectus forecasts.

Operating profit, or earnings before interest, tax, depreciation, amortisation and fair value adjustments, went up by 6% to NZD 618 million.

“Our sharpened health and safety focus, the performance of our retail businesses in both New Zealand and Australia and the rapid resolution of Manapouri transformer issues are all highlights from a very good year of operational performance,” said Mark Binns, the company’s CEO.

Meridian Energy also announced a final dividend of NZD 0.0808 per share, to be paid on October 15, 2015, to shareholders of record on September 30.

(NZD 1.0 = USD 0.660/EUR 0.596)

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