Geothermal key reason for jump in profits for MRP
NZ's Mighty River Power will pay an higher dividends to its investors thanks to the outstanding performance and increased earnings from the geothermal division of the company.
Local news inform that Mighty River Power will pay an increased dividend of 13.5 cents a share after this morning reporting a sharp increase in operating earnings and a $97 million lift in full year profit to $212 million. This is due to increased earnings from its expanded range of geothermal power stations, which make up about 42 per cent of MRP’s generation, contributed to the result and it was able to benefit from its differentiated retail brands amid intense competition.
Despite not so positive number in the hydroelectric part of the business, geothermal has provided the company a solid and stable platform to expand earnings.
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Source: Otago Daily Times Website