Manawa Energy 1H Net Profit NZ$55.9 Million, Down 86% on Year

By David Winning

SYDNEY–Manawa Energy raised its interim dividend after half-year underlying profit improved by 13%, reflecting higher hydro generation volumes.

Manawa Energy reported underlying earnings of 39 million New Zealand dollars (US$23 million) for the six months through September, up from NZ$35 million a year earlier. Net profit rose by 38% to NZ$56.5 million when only continuing operations were included, but fell by 86% overall.

Directors of the company declared an interim dividend of 8.0 New Zealand cents a share, up from 7.5 cents a year earlier.

“We’ve seen profitability improve, driven primarily by an increase in generation volumes,” said Clayton Delmarter, Manawa’s interim chief executive.

Manawa Energy generated 1,110 gigawatt hours of renewable energy in its fiscal first half, up 14% on a year ago. Delmarter said the company’s overall water storage volume reduced from 133% of average at the end of June, to 82% through September.

“We’ve been deliberately generating more than usual at our Waipori scheme using storage in Lake Mahinerangi ahead of a planned outage,” Delmarter said. “The team have done a good job ramping up production to meet the elevated demand for electricity and capturing value during the colder months.”

Write to David Winning at [email protected]

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