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Manawa Energy expects total generation volume for the FY24 year to be about 1905 gigawatt hours.
Photo: Wikipedia / Ulrich Lange, Dunedin
The power generator Manawa Energy’s underlying half-year profit rose 11 percent in the year just ended, reflecting increased hydro generation volumes.
Key numbers for the six months ended September compared to a year ago:
Net profit $55.9m vs *$391m (*includes $342.1m gain on Trustpower sale to Mercury)
Revenue $217.6m vs $232.7m
Underlying profit $78m vs $70m
Interim dividend 8 cents vs **75 cents (**includes special dividend)
“We’ve seen profitability improve, driven primarily by an increase in generation volumes,” Manawa interim chief executive Clayton Delmarter said.
“We’re pleased to report an increase in our underlying earnings despite losing avoided cost of transmission revenue following regulatory changes that came into effect in April this year.”
Investment in capital projects was up by $14m year-on-year to $31.5m, with increased investment in progressing new development opportunities.
The company also announced the establishment of a sustainable finance framework, with more than 80 percent of the company’s debt classified as green.
The company’s full year underlying profit guidance was unchanged and expected to be in the range of $120m – $140m, with capital expenditure in the range of $65m – $80m.
Total generation volume for the FY24 year was expected to be about 1905 gigawatt hours.
However, a planned outage at Otago’s Waipori scheme from November through to late January, as well as storm repairs at the small Hawke’s Bay Esk Valley scheme meant generation production was expected to be below the long-term average in the second half of the year.
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