Contact Energy posts $66M loss

Company News

by David Chau

New Zealand power company, Contact Energy Ltd (ASX:CEN) has announced a statutory loss of NZ$66 million.

The company sees this as an improved result, as its losses were higher by NZ$199 million in the same period last year.

Contact Energy says its statutory loss was primarily due to NZ$204 million worth of impairments – including its Otahuhu power station closing down, writing down its gas inventory.

The company says the final distribution to shareholders would remain stable at 15 cents per share.

Finally, the company confirmed it has completed a $100 million share buyback at an average price of $4.83 per share, reducing its debt by $71 million.

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