Genesis Power doubles half year profit

1.00pm

State-owned electricity generator and retailer Genesis Power has more than doubled its net profit after tax for the six months ended December.

Genesis reported tax paid profit of $44 million for the half year ended December 31 2003, compared to $21 million for the same period the previous year.

The company's operating revenue for the period increased to $681 million from $524 million.

Chairman Brian Corban and chief executive Murray Jackson said the results were consistent with the company's previous six months of trading.

The pair said increased electricity demand over the past year meant the Huntly Power station had to increase its output to cover Genesis' 8000 GWh retail business.

In February this year the company agreed to sell 50 per cent of its shareholding in the Kupe oil and gas field to Origin Energy.

On the expansion front the company plans to commission a 48 MW open cycle gas turbine at Huntly in May, as well as develop a wind farm south of Auckland on the Awhitu Peninsula and expand the existing Hau Nui wind farm in the Wairarapa.

- NZPA