Big jump in earnings drive Pacific Energy profit

Power generator Pacific Energy has delivered another record result, with net profit for the year ended June 30 up 33 per cent on the previous year.

Pacific announced today that its EBITDA grew by 23 per cent of FY2011, increasing to $21.5 million.

Revenue was up 19 per cent to $31.9 million.

Managing director Adam Boyd said the result was driven by a strong performance by the company’s Kalgoorlie Power Systems division, which won new contract capacity of more than 100 megawatts since July 1 2011.

“This result confirms the growing reputation of KPS as the most reliable, fuel efficient and cost competitive electricity supplier to the Australian resources sector and will underpin further record earnings results in both the 2013 and 2014 financial years,” Mr Boyd said in a statement.

For the next 12 months, Pacific said it was optimistic regarding growth, with currently submitted tenders exceeding 200MW.

The company said it would also continue to assess opportunities in West Africa.

At 1:00PM, WST, Pacific stocks were down 1.3 per cent, trading at 50 cents.