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;

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Open your mind to the world with New Zealand’s number one breakfast radio show. Without question, as New Zealand’s number one talk host, Mike Hosking sets the day’s agenda. The sharpest voice and mind in the business, Mike drives strong opinion, delivers the best talent, and always leaves you wanting more. The Mike Hosking Breakfast always cuts through and delivers the best daily on Newstalk ZB.

Open your mind to the world with New Zealand’s number one breakfast radio show.

Without question, as New Zealand’s number one talk host, Mike Hosking sets the day’s agenda.

The sharpest voice and mind in the business, Mike drives strong opinion,...

The Mike Hosking Breakfast

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

https://api.omny.fm/orgs/7784f840-c291-422a-924b-ad9000bbad71/clips/329f71ce-1583-479d-94aa-b33d0162945a/transcript