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Monday, February 23, 2015

New Zealand:

Mighty River Profits Plunge on Retreat from Foreign Geothermal Projects (New Zealand Herald)

Mighty River Power's withdrawal from its geothermal operations overseas is largely behind a 93 per cent plunge in net profit in the half year to December 31.

The company's exit from geothermal development in Chile and Germany resulted in non-cash impairments ($83 million) along with the favorable fair value movements of $20 million recognized in the previous half year.

"As announced in December, following a rigorous review, we decided to exit international geothermal development options. The accounting implications of that is a key factor flowing through to the financial results for the period," said chairwoman Joan Withers.

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