Genesis reported an operating profit before finance costs of $345million in the year ended June, up 12% on the previous corresponding period.
Earnings before interest and tax were up 48% to $207million and the reported profit was up more than 100% to $105million from $49million.
The underlying profit, which companies are increasingly using to strip out abnormal items, rose 8% to $81.7million.
Total revenue was up 4% to $2.1billion from $2billion.
Importantly for shareholders, Genesis lifted its full-year dividend 23% to 16 cents per share from 13cps in the previous corresponding period.
The Government, which remains the majority shareholder in Genesis, will receive $82million in dividends, following on from the gross dividend of $238.2million it will receive from Meridian.
Forsyth Barr broker Andrew Rooney said Genesis' full-year result was in line with his most recent forecast.
The operating earnings of $344.8million were right at the top of the $330million to $345million guidance range.
''Ironically, for Genesis, it was the rain at the end of the year that helped Genesis move to the top end of the range.''
Relative to 2014, the result was better although last year there were a lot of one-off costs associated with Genesis exiting its coal import contract, its listing and a key Tekapo hydro asset unavailable for a few months, he said.
Genesis chief executive Albert Brantley said the company continued to manage risk and maximise value from all of its generation assets.
In the early part of the year, the coal/gas-fired Rankine units at the Huntly power station ran regularly at times.
But they sat largely idle in May and June as the company took advantage of lower wholesale spot prices, as well as purchasing hedges for less than fuel costs to meet its retail load.
Reflecting the continued decrease in use of the units over recent years, Genesis recently announced the units would be permanently retired by December 2018, unless market conditions changed significantly.
''We have set a clear objective for the company as we move into 2016 and beyond. Our strategic direction focuses effort into developing new revenue streams from our core business activities, driving greater value from our operating practices and making energy services simple for customers,'' Mr Brantley said.
The company's recently announced retirement of the Rankine units and the early termination of the Solid Energy coal supply contract continued to be a focus for the company and would result in a reduction in operating expenditure and cost savings at the Huntly station well before the final retirement date in 2018.
Kupe continued to produce oil and gas at consistent rates, he said. Currently, output was about 10% above the base level.
Although the low international oil prices were likely to have some impact on Kupe's operating earnings, current hedging in place for 2016 covered 80% of the projected oil production at $US85.40 ($NZ131.87) a barrel. Yesterday, international oil prices fell below $US39 a barrel.
