One of the country’s major electricity companies is defending their increased profits amid rising energy prices.
Contact Energy’s full year net profit is up 41%, with revenue up 20%.
Their underlying profit also climbed 17%, bolstered by a strong lift in geothermal generation as well as improved sales and customer numbers.
CEO Mike Fuge told Mike Hosking the profits are the result of their investment in major projects that benefit the country, such as geothermal.
He says they’re actually investing more than what they earned in profit last year.
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The Mike Hosking Breakfast