Acquisitions and Generation Drive a Strong 1H for Genesis; No Change to FVE
Narrow-moat Genesis Energy reported a strong first-half fiscal 2018 result, with EBITDA up 28% to NZD 200 million on acquisitions, strong generation volumes, strong wholesale electricity prices and an improved performance from the Kupe oil and gas field. We thought a minor EBITDA guidance upgrade was likely after seeing the December quarter operating statistics in January, but instead management flagged headwinds in the second half and left guidance essentially the same, just narrowing the range...
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