State-owned Meridian Energy lifted full year underlying profit 29 percent to $251.9 million, with revenue boosted by good lake storage and inflows during the year and the commission of the West Wind wind farm near Wellington.
Net profit, which includes unrealised gains or losses on financial instruments, rose 106 percent form the previous year to $184m for the year to June, while ebitdaf (earnings before interest, tax, amortisation and financial instruments) rose 25 percent to 641.7m. Overall revenue lifted 9 percent to $2.06 billion.
Total generation rose 13 percent to 13,862 gigawatt hours (GWh), with hydro generation up 10 percent to 12,857GWh and wind generation nearly doubling to 1005GWh.
Retail sales slipped 3 percent to 7658GWh while retail revenue rose, reflecting better coordination of wholesale and retail businesses, and refining of the customer mix, including increasing the company's North Island customer base by 17 percent, Meridian said.
The 2011 financial year had started with storage at 122 percent in the Waitaki catchment, and market prices relatively low.
"This is expected to improve but our projections suggest a likely NZ electricity gross margin slightly below last year," Meridian said.
A final dividend of $68.5m would be paid to the Government. When added to the interim dividend of $89.6m, that took the total dividend to $158.1m.
Total assets were up to $8.7b, after Meridian bought the Mt Millar wind farm in Australia, continued to develop generation in this country, and revalued its generation assets.
NZPA