Contact Energy’s earnings rise as boss departs

Contact Energy’s departing chief executive Dennis Barnes is going out on a high after the earnings rose by 12%.

A strong performance from the firm’s generation and wholesale business has driven New Zealand’s second-largest electricity and gas retailer.

Barnes was appointed chief executive in April 2011 and has said 2019 will be his last year as chief.

“It’s always good to go out on a high but I suspect with the momentum in the business and the further development of geothermal, this won’t actually be the high and someone else will be able to talk to you about the highs next year,” Barnes says.

Full-year net profit after tax was $345 million, up $213m from 2018’s $132m, Contact Energy said.

Barnes’ successor has yet to be announced.