Meridian Energy's profit jumps by neraly 300% in FY 2012/13

Aug 12, 2013 - New Zealand state-run utility Meridian Energy Ltd today said its net profit had surged by 296% in the fiscal year to June 30 reaching NZD 295.1 million (USD 237m/EUR 178m).

The company’s bottom line benefitted from a NZD-101-million pre-tax gain on the sale of Meridian’s 50% in the 420-MW Macarthur wind farm in Australia. Overall, earnings improved and inflow levels were close to historical average when compared to low inflows in fiscal 2011/12. Meridian also booked a NZD-6-million gain on the disposal of its unit Energy for Industry.

Underlying net profit, adjusted for non-cash fair value movements, gains on sale of assets and other one-offs, jumped by 53% on the year to NZD 162.7 million. The company will pay a final dividend of NZD 152.6 million.

Meridian’s earnings before interest, tax, depreciation, amortisation and fair value adjustments (EBITDAF) stood at NZD 584.8 million, up 23% year-on-year. The company noted that both its retail platform and its online retail business -- Powershop -- had performed well, boosting their revenues.

Meridian operates wind and hydropower plants.

(NZD 1 = USD 0.803/EUR 0.602)

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