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Eastland Group sees record earnings due to new geothermal plant

Te Ahi O Maui geothermal power plant by Eastland Group, New Zealand (source: Eastland)
Alexander Richter Alexander Richter 21 May 2019

Eastland Group in New Zealand reports record revenues for the year ended March 31, 2019. The company contributes its increase on the start of the 25 MW Te Ahi O Mau geothermal power plant in October 2018.

New Zealand-based Eastland Group reports record earnings due to the new geothermal power plant of the company at Kawerau on the North Island of New Zealand.

The company has paid a NZ$12.1 million to its community shareholding trust, up from around $10.1 million last year.

The group recorded a record NZ$20.1m net profit for the year ended March 31, 2019, up from $17.6 million the previous year. The revenues of the company climbed from $84.7m to $97 million. The main contributor, has been the company’s Te Ahi O Mau geothermal power plant, so Chief Executive Matt Todd.

The 25 MW geothermal power plant, developed in partnership with a local Maori trust, started operation in October 2018 pushing New Zealand’s geothermal power generation capacity after over the 1,000 MW threshold.

“Combined with GDL, our other geothermal plant in Kawerau, Eastland Generation delivered $19.5 million towards our total income,” Todd said in a statement. That was more than twice the $7.7 million of revenue Eastland’s generation business delivered last year.

Source: Sharechat