26 Feb 2013

Genesis Energy half-year profit

9:34 pm on 26 February 2013

Half-year profit for Genesis Energy soared due to improved operating earnings and a reduction in expenses.

Profit rose 85% to $71 million in the six months to December, compared with $38 million in the previous year.

Gross earnings at the state-owned power company rose 3% to $196 million despite weaker wholesale prices and a 5% reduction in total generation.

However, revenue fell by more than $80 million in part due to weak wholesale prices.

For the first time in two years Genesis will pay a dividend to the Government of $57 million.