New Zealand's largest electricity company expects to continue to make cuts to its workforce.
Meridian Energy has been criticised in the past for making only 3.3% return on its equity.
The company says this figure is affected by new accounting rules and without them, the figure would be 5% or higher.
Even so, chief executive Tim Lusk has told a parliamentary select committee that cost cutting is underway.
He said the company has publicly stated it wants a 10% to 15% reduction in staff and the firm is part way through this process.
He told the committee on Wednesday that the executive team has been restructured, work is being outsourced and efficiencies developed in retail and procurement.