New Zealand electricity company, Genesis Energy Ltd
(ASX:GNE), has released its fourth-quarter performance report for FY2016.
Genesis says electricity sales volumes were down 2%, compared to the final quarter in the 2015 FY. The company says this was due to average New Zealand temperatures rising by 1 degree Celsius, compared to the same period last year.
The company also says North Island inflows to its hydro catchments were 27% lower.
As for the total number of electricity connections for new customers, Genesis says that increased by 1%.
Genesis Energy reported a net profit of $33.7 million at 31 December 2015.
