14 Oct 2009

$136 million loss reported by Genesis Energy

12:42 pm on 14 October 2009

Genesis Energy lost $136 million in the year to June, a turnaround from last year's profit of $99 million.

The State-owned thermal generator attributes the loss to a fall in the value of its aging Huntly power plant.

The company says underlying earnings were $82 million.

Despite the loss, it will still pay the Government a dividend of $10.4 million, taking the total payout to $20.8 million for the year.