Photo: RNZ / Russell Palmer
Power company Mercury has revised up its full year underlying profit by $40 million, benefiting from a boost in the retail business and hydro generation.
Mercury said it had made strong gains in its retail business following the purchase of Trustpower's retail business, with higher mass market connections, volumes and prices.
In August it had recorded an underlying profit of $581m for the 12 months ended June.
It now estimates the full year underlying profit will be up 7 percent to $620m, largely due to increased hydro generation and higher yields on commercial industrial sales.
Mercury chief executive Vince Hawksworth said in August the company was on track to exceed its three-year objective to increase its underlying profit to $700m on a normalised basis and had increased its target to $800m.