Weather Hurts Contact Again in FY18; No Change to FVE
Narrow-moat-rated Contact Energy’s fiscal 2018 result was largely in line with expectations, given good monthly disclosure. EBITDA slipped 4% to NZD 481 million, and underlying net profit fell 8% to NZD 130 million. The dry spell that marred the second half of fiscal 2017 continued into fiscal 2018 before rainfall improved in recent months. With storage levels still well below average, we expect headwinds in hydro generation to persist in the short term. However, as weather conditions normalise,...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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