28 Oct 2014

Genesis expecting to meet proft forecast

3:52 pm on 28 October 2014

Genesis Energy is expecting to meet or better its prospectus forecast of $95 million in net profit for the year ending June 2015.

The electricity retailer and generator has reported a net profit of $49 million for the year ended June, 18 percent higher than its prospectus forecast.

Chief executive Albert Brantley told the annual shareholders' meeting that the company continues to face challenging market conditions but the current financial year has begun solidly.

Mr Brantley said although the retail market is competitive, the company's sponsorship of television cooking competition programme My Kitchen Rules has lifted its profile, while its customer switching rate has dropped to a more sustainable level.

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