Power company Contact Energy's has slumped to an annual loss after significant asset writedowns and flat earnings.
The company reported a net loss after tax of $66 million for the year ended June, compared with a profit of $133m a year ago.
The result reflected the $204m in one-off costs related to the closure of a power station, the shelving of another project and a writedown in the value of its gas reserves.
Excluding the one-off items, the company's underlying profit was $157m, which was down slightly on last year.
Contact chief executive Dennis Barnes said its level of customer switching fell and it had been gaining consumers over the past few months.