WELLINGTON, New Zealand — Contact Energy Ltd. said half-year earnings rose on higher wholesale income and lower generation costs.
The New Zealand electricity company’s first-half net profit was 71.8% higher than a year earlier at 134 million New Zealand dollars ($89 million), it said Monday. Operating profit rose 31%.
The company said its proportion of hydropower generation increased due to heavier rains, which resulted in lower costs than using its thermal generation.
It also had increased sales at higher prices to wholesale customers who faced gas supply constraints.