Meridian to pay $89.58 million interim dividend

Meridian to pay $89.58 million interim dividend

State-owned electricity generator and retailer Meridian will pay an interim dividend of $89.58 million for the half-year ending December 31 2009, the company has announced.

Chief Executive Tim Lusk says Meridian is pleased to make this return to the shareholder on the back of a strong result for the period in line with the company’s targets. Mr Lusk says the company is confident it will see underlying profit for the full year exceeding last year’s result under most hydrology conditions.

The dividend represents 75 percent of interim adjusted net profit after taxation, in line with the company’s dividend policy.

The dividend will be paid to shareholding Ministers by 30 April 2010.

ENDS

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