Mercury NZ (ASX:MCY) earnings declined in FY21

Company News

by Lauren Evans

Electricity company Mercury NZ (ASX:MCY), reported its earnings before interest, tax, depreciation, amortisation and fair value adjustments (EBITDAF) of $463 million for the period ending 30 Jun 2021 (FY21), down $27 million from FY20.

Net profit after tax (NPAT) for the year was $141 million, compared to $209 million in FY20. 

These figures reflect a lower generation on fourth-lowest inflows and Kawerau outage with high spot prices.

High spot prices were elevated due to fuel constraints, with hydro generation limited by low inflows and gas deliverability reduced by issues at major gas producers.

Total dividend of 17 cents per share, increased by 7.6 per cent from FY20 and marks its 13th consecutive year of ordinary dividend growth.

Shares in Mercury NZ (ASX:MCY) are trading 2.9 per cent lower at $6.60.

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