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. 

LISTEN ABOVE 

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

Best of Business is the home of all things business at Newstalk ZB, from morning market updates right through to incisive interviews with New Zealand’s top business leaders and decision makers. 

Whether you’re a small business owner or interested in what’s going on in the Big End of Town, this podcast encompasses the sharpest voices and minds in the world of business.

Best of Business is the home of all things business at Newstalk ZB, from morning market updates right through to incisive interviews with New Zealand’s top business leaders and decision makers. Whether you’re a small business owner or interested in what’s going on in the Big End of Town, this podcast encompasses the sharpest voices and minds in the world of business.

Best of Business is the home of all things business at Newstalk ZB, from morning market updates right through to incisive interviews with New Zealand’s top business leaders and decision makers.

Best of Business

Mike Fuge: Contact Energy CEO on the company's full-year net profit

https://api.omny.fm/orgs/7784f840-c291-422a-924b-ad9000bbad71/clips/795564dd-9bf5-4b2c-a0a9-b33d0162973f/transcript