Neal Barclay: Meridian CEO on the company's profit reaching $429 million
Meridian Energy - the country’s largest power generator - has reported strong earnings in the June year, but warns the year ahead looks challenging.
The partially state-owned company’s net profit went from $95 million to $429 million - with much of the increase influenced significantly by net gains on hedge instruments of $249 million.
Meridian CEO Neal Barclay says earnings will likely drop in the coming months - and the company has invested more money to ensure there's a steady supply.
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