Contact Energy has reported a 3 per cent fall in full year profit, but said it was set for earnings growth in the coming year.

Net profit for the year to 30 June was NZ$150.3m ($123.2m) from NZ$154.7m last year, however underlying net profit was NZ$150.9m from NZ$149.8m last year.

Contact, which generates nearly a third of New Zealand’s electricity, declared a dividend of 12 cents per share, compared with 14 cents last year.

At its half year result in February, it said it expected a stronger second half to make up for a soft first six months.

In June it completed a NZ$351m capital raising through a 1-for-9 share issue, with the funds being earmarked for strengthening the balance sheet and the building of a geothermal power station.

For more Company Results news click here.