However, there were some differences in the way both companies interpreted their results.
Genesis, the country's largest electricity retailer, reported a 2.7% fall in annual operating earnings as a combination of lower electricity, gas and oil prices combined with ongoing retail market competition to reduce revenue.
Earnings before interest, tax, depreciation, amortisation and financial instruments fell by $9.5million to $335.3million in the year ending June 30.
Total revenue was $2.01billion, slightly lower than the $2.02billion reported in the previous corresponding period. Total operating expenses fell to $1.7billion.
Genesis declared a final dividend of 8.2c per share, 80% tax-paid.
Meridian followed its fellow partly privatised counterpart Mercury, by declaring a special dividend for shareholders in a sector where strong cash flows are not currently required for new investment.
Meridian reported an operating profit of $650million, up 5% on the pcp. The normalised reported profit was up 11% to $233million, although the profit before tax was a 25% fall to $185million because of a much higher tax rate paid in the current financial year.
Meridian declared a final dividend of 8.4cps, 90% tax-paid, to take the total ordinary dividend for the year to 13.5cps. A special dividend of 2.44cps was also declared as part of the company's capital management programme.
Forsyth Barr broker Damian Foster said Meridian had indicated a share buyback remained a consideration but its track record suggested special dividends remained the way cash would be returned to shareholders.
The 2016 financial year was a great one for Meridian. Strong hydrology, good performance in the retail market and good market conditions in Australia boosted earnings.
Meridian did not provide any outlook commentary of note. Forsyth Barr expected the 2017 financial year to be another good year, he said.
''Meridian continues to be the quality story in the electricity sector, but investors were paying for that quality.''
Forsyth Barr's share target price was $2.72, with a neutral rating.
Genesis' result was largely in line with expectations but some accounting adjustments made the result appear slightly better than expected, Mr Foster said.
The decision to keep the Huntly units open resulted in the write-back of Rankine inventory (up $6.9million), partially offset by an increase in provisioning related to the coal import facility (down $5.2million) for a net gain of $1.7million.
The Rankine cycle was the fundamental operating cycle of all power plants where an operating fluid was continuously evaporated and condensed.
Genesis had implemented a change in accounting treatment that meant customer acquisition costs were capitalised. The net effect of the accounting change was to increase operating earnings by $11million, he said.
Genesis also included in its accounts revaluation gains of $138million, which Mr Foster said was an unusual accounting treatment and one resulting in reported profit increasing 76% versus the pcp to $184million.
Forsyth Barr calculated reported profit was $96million, on an underlying basis, $14million better than the pcp. The main driver of the improvement was a lower depreciation charge.
Depreciation was also the main reason Genesis had outperformed Forsyth Barr's profit after tax forecast.
The company did not provide any formal dividend or profit guidance but commentary pointed to another challenging year.
Several positive points included mass market price increases, reduced exposure to low priced Methanex gas sales and further optimisation of fuel mix.
The negatives included continued low oil prices, the new Tiwai supply contract reducing margins from January 1 and a competitive retail market, he said.
''Overall, a result largely as expected, although there are some messy accounting adjustments to work through,'' Mr Foster said.
Forsyth Barr had a target share price of $2.14 and a neutral rating.
