Mighty River’s FY 2013/14 net profit grows 84% Y/Y

Aug 20, 2014 - New Zealand power producer Mighty River Power (NZE:MRP) said today its net profit has jumped by 84% in annual terms to NZD 212 million (USD 178m/EUR 134m) in the fiscal year through June.

The company said its financial performance in the 12 months was above its initial public offering (IPO) guidance from May 2013, even though it was affected by pricing pressure and weak hydropower conditions. It also noted that the prior-year net profit was hit by one-off and non-cash impairments related to geothermal investments.

Mighty River's dividend for the fiscal year will be NZD 0.135, 13% more than in fiscal 2012/13. The payout is also 4% above the company's IPO forecast, it noted.

The power producer’s underlying net profit amounted to NZD 185 million, up 3% in annual terms. Earnings before interest, tax, depreciation, amortisation and financial instruments (EBITDAF) rose by 29% to NZD 504 million.

For fiscal 2014/15, Might River now sees EBITDAF of between NZD 495 million and NZD 520 million, as compared to an earlier guidance for NZD 498 million.

Mighty River operates nine hydropower and five geothermal stations, according to its website. It also has thermal electric facilities.

(NZD 1.0 = USD 0.839/EUR 0.630)

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