Pacific Energy profit falls 1%

Power generator Pacific Energy has reported a 1 per cent fall in profit over the last financial year despite record earnings from its Kalgoorlie Power Systems and hydro-electric businesses.

Pacific recorded a 22 per cent increase in earnings before interest, tax depreciation and amortisation to $35 million, which was generated on high revenues for the year of $47.9 million, a 10 per cent increase on the previous financial year. 

“Pacific Energy has delivered another record earnings result predominantly through the earnings contribution from 95 megawatts of power station capacity construction completed by KPS in late FY13,” Pacific managing director Adam Boyd said.

“This new installed capacity was seamlessly commissioned by early FY14 and confirmed the exceptional performance of the KPS construction team during FY13.

“Power generation comprises approximately 20-35 per cent of total costs at hard rock mining and processing operations and KPS is continuing to work with our client base to reduce power supply costs.”

Mr Boyd said the company’s board has declared a final FY14 fully franked dividend of 1.5 cents per share, totaling up a total FY14 fully franked dividend of 2.5 cents.

The company completed construction of a Perth workshop and office complex in late FY13 on its two-hectare site just north of the CBD in July, with operations planned to commence at the location from October. 

“KPS will retain its primary Kalgoorlie workshop location and maintain its existing high quality maintenance and service capability for our existing Western Australian Goldfields-located resource sector clients,” Mr Boyd said.

Pacific's share price last traded at 49 cents per share at 10am.