David Baldwin, CEO of Contact, said that despite trading conditions that differed markedly from the previous financial year, the company delivered a pleasing annual result.
Contact’s earnings before net interest expense, income tax, depreciation, amortization and financial instruments for the 12 months ended June 30, 2007 were NZ$543.7 million, compared with NZ$557 million for the corresponding period in 2006.
Mr Baldwin said: Contact has delivered a good result for the company’s shareholders, despite average wholesale electricity prices being 42% lower than in the 2006 year. Contact’s retail business has played an important role in this result and demonstrated the value of a well-balanced and integrated company.
Mr Baldwin also noted a 20% increase in the unit cost of natural gas over the 12 months to the end of June 2007.
