Tough December Weighs on First-Half Earnings for Contact
After a strong start to fiscal 2017, Contact Energy's operating performance has deteriorated, similar to other New Zealand gentailers. We estimate Integrated Energy’s first-half fiscal 2017 EBITDA will be up by low single digits over the previous corresponding period, or pcp. With further headwinds in the second half on commencement of a loss-making contract with the Tiwai Point aluminium smelter, earnings appear to be tracking marginally below our forecasts, which we'll update following release...Contact Energy sell electricity, gas and liquefied petroleum gas (LPG) products and services to residential, small business, commercial and industrial customers. Co. has two operating segments: Integrated Energy, which is a generator of electricity and a purchaser and retailer of electricity and natural gas to customers throughout New Zealand; as well as Other, which consists of other products and services provided by Co., which includes the sale of LPG.
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