Genesis Energy reports electricity sales volumes down

Company News

by David Chau

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.

David Chau

Finance News Network
David joined FNN in April 2016. In addition to presenting the Market Outlook and latest business news stories, David interviews senior economists and CEOs of ASX-listed companies. Prior to working for FNN, David was a litigation lawyer.