Mighty River's net profit jumps 50% in FY 2010/11

Aug 30, 2011 - New Zealand state-owned Mighty River Power Ltd reported today a net profit of NZD 127.1 million (USD 108m/EUR 75m) for its fiscal year through June, up 50% year-on-year.

On September 30, the company is to distribute a final dividend of NZD 45.7 million. Together with the interim dividend, total annual dividend amounts to NZD 110.4 million, up by NZD 24 million from a year ago.

Earnings before interest, tax, depreciation, amortisation and financial instruments grew 35% to NZD 443.1 million, in line with Mighty River's projections of NZD 435 million-450 million.

The company's performance during the year was bolstered by a 17% increase in power generation to 6,833 GWh. Hydropower brought 64% of the total, or 4,368 GWh, while geothermal installations produced 2,192 GWh.

Sales to residential and commercial customers, excluding very large and industrial customers, declined by 1.7% to 4,776 GWh. On June 30, the number of electricity customers was down to 392,000 from 412,000.

(NZD 1 = USD 0.849/EUR 0.590)

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