Electricity generator and retailer Mighty River Power expects a flat to lower annual operating profit for the year ending next June, but is forecasting a higher dividend.
At the annual shareholders' meeting, chief financial officer William Meek affirmed that the company's previous guidance the figure would be between $495 million and $520 million.
Mr Meek said the outcome was likely to be towards the bottom of that range because of continuing drier-than-normal conditions in the Waikato catchment.
The government-controlled, NZX-listed company reported $504 million in operating earnings for the previous year.
It expected to pay ordinary dividends of 14 cents per share for the current year - half a cent more than last year.
Mighty River Power yesterday announced a special 5 cents per share dividend, payable in December.