Pacific Energy grows profit

Power generation company Pacific Energy has posted solid results for the 2016 financial year, with further growth expected in the year to come.

Perth-based Pacific revealed a 32 per cent increase in net profit to $15.7 million for FY16, with revenue up 12 per cent to $51.3 million – a record result for the company.

Earnings before interest, tax, depreciation and amortisation also grew, up 19 per cent to $36.8 million.

Pacific declared a final dividend of 1.5 cents per share, fully franked, for a full-year payout of 2.5 cents per share.

“We continue to partner with companies requiring remote power generation for their mining operations,” managing director James Cullen said.

“We have good earnings visibility and commence the new financial year with a weighted average remaining contract duration of over four years.

“With commissioning of all new contracted power stations virtually completed by 30 June 2016, we now look forward to realising the full year income benefits from our heavy capital investment and the hard work undertaken by our operational teams.

“We are focused on breaking through the $40 million Ebitda level in 2017.”

Pacific shares were 5.7 per cent higher to 64.5 cents each at the close of trade.