Mighty River Power has beat prospectus forecasts by 21 per
cent, with the newly listed company this morning reported a
full year net profit of $114.8 million.
The company's dividend of 7.2 cents a share is in line with
expectations and will be fully imputed.
The company, whose shares have slumped since listing on May
10, said it had achieved growth in customer sales volumes,
controlled spending and used the diversity of its generation
and sales portfolio to offset the impact of a Waikato
Chairwoman Joan Withers, said it was "an intensive year" for
the company as it made the transition from a state owned
enterprise to a listed company, grown market share by adding
value for customers, and reported operating performance and
financial results above forecasts.
Underlying earnings after tax of $179.5 million were up 13
per cent - above prospectus forecasts.
Operating expenditure was below the IPO forecasts, reflecting
a combination of deferral of expenditure into later years and
a focus on cost management that lifted operating performance
during the last quarter of the financial year.
The dividend to more than 100,000 shareholders will be paid
on September 30 and will be paid to those on the share
register on September 11.
This brings total dividends declared in the year to $168
million 12 cents, a 40 per cent increase year-on-year.
- Chris Daniels of nzherald.co.nz