Contact Energy profit jumps 62% to NZ$423 million
Contact Energy's net profit climbed to NZ$423 million, up 62 percent on the prior year, the New Zealand electricity generator and retailer says. The period included the acquisition of Manawa Energy, which the company said contributed to the earnings uplift.
Contact Energy reported a net profit of NZ$423 million for the period, a 62 percent increase on the prior year, the New Zealand electricity generator and retailer said. The company said the results were boosted by its acquisition of Manawa Energy, a renewable generation business, which was completed during the period. Contact's shares trade on the New Zealand stock exchange under the ticker CEN.
Contact said the Manawa transaction added generation capacity and contributed directly to the uplift in earnings, alongside strong performance across its geothermal and hydro assets. The company also pointed to higher wholesale electricity prices during parts of the period as a further factor supporting the result.
The result underscores Contact's growing footprint in New Zealand's electricity market following the Manawa acquisition. The company said it remains focused on integrating the acquired assets and expanding its renewable generation portfolio in the period ahead. Analysts said the acquisition strengthens Contact's position in renewable energy as New Zealand transitions away from fossil fuels.
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