New Zealand's Mercury slips on bleak FY25 outlook, higher costs

Mercury NZ

20/08/2024 02:22

** Shares of power generator Mercury NZ Ltd  MCY.NZ  fall as
much as 3.3% to NZ$6.370, posting their biggest intraday pct
drop since February 2022 
    ** Co says current market situation has negatively impacted
MCY's FY25 trading margin by NZ$90 mln ($55.04 mln) due to lower
generation
    ** Says unfavourable short portfolio position in Q1 FY25
required buying electricity at high prices
    ** Says FY24 electricity generation 8,780 gigawatt-hour
(Gwh), down 3% from a year earlier
    ** Shares mark their lowest level since Aug. 12 
    ** Stock up 3% this year, as of last close


($1 = 1.6351 New Zealand dollars)

 (Reporting by Roushni Nair in Bengaluru)
 ((Roushni.Nair@thomsonreuters.com;))