Genesis Energy net profit halves to $85m despite 14% rise in operating earnings
Genesis Energy's net profit dropped 50% to $85 million, but operating earnings rose 14% and the company raised its dividend.
Genesis Energy reported a significant drop in net profit to $85 million, down from the previous year. Operating earnings climbed 14% to $518 million, driven by strong retail margins and favourable hydro conditions. The gentailer increased its dividend despite the profit decline, while lower wholesale electricity prices contributed to the net profit fall. Underlying earnings rose 11%.
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What outlets are saying
NZ Herald
Genesis Energy operating earnings rise 14% as net profit falls to $85m
Strong retail margins and hydro conditions lifted Genesis Energy's operating profit.
1News
Genesis profit halves to $85m, earnings and dividend rise
The gentailer reported an 11% lift in underlying earnings and raised its dividend.
interest.co.nz
Genesis Energy’s net profit halves to $85 million, gross margin jumps
Lower wholesale electricity prices drive 50% profit drop for Genesis Energy, despite 14% rise in operating earnings to $518 million