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Mike Fuge: Contact Energy CEO on the company reporting a 44% rise in net profit
Published 3 weeks, 3 days ago
Description
Strong signs of economic turnaround from the latest half-year results.
Energy company Contact, courier company Freightways and dairy producer a2 Milk all announced results yesterday.
Contact's recorded a 44% rise in net profit and has gone into a trading halt while it begins a major capital raise to fund more renewable energy projects.
CEO Mike Fuge told Mike Hosking the primary reason for the increase in profits is the investments they’ve made and the acquisition of Manawa Energy.
He says it’s a fine balance – no one ever appreciates the power bill, but they also have to invest and build more generation to meet the growing demand.
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