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Power generation company Manawa Energy has dropped its full year profit outlook by $20 million following a challenging first half.
The company, formerly called Trustpower, said underlying profit for the year ended March 2023 was expected to be in a range of $127.5m to $140m, compared with an earlier guidance of $140m-$160m.
The forecast includes an increase in operational spending for new generation development of between $6m and $8m, as projects are progressed faster than anticipated.
However, Manawa's expected capital expenditure in FY23 remains unchanged at $45m-$55m.
It said the first half ended September initially saw a period of high prices and low inflows, followed by a period of strong inflows and low prices.
It anticipated generation volumes will be about 830 gigawatt hours in the second half of the year with average hydrological conditions.