As to the companies’ performances:
So all up in lost dividend alone in the past 12 months we may have missed out on $360.7 million.
- Meridian’s net profit after tax was $229.8 million and a total dividend of 13.01c per share is to be paid. This includes a special divided of 2c per share from the sale of surplus land. The Government has lost us $163.4 million in dividend payments alone.
- Mighty River Power announced a net profit of $212 million up on the IPO forecast of $160 million. It paid a dividend of 13.5c per share. Dividend loss to us, $91.2 million.
- Genesis Energy announced a net profit after tax of $49.2 million and paid a dividend of 13c per share. Dividend loss to us, $61.9 million. There is something unusual about the accounts which I have not yet got my head around.
- And Air New Zealand had a good year announcing a net profit after tax of $262 million and total dividends of 0.20c per share. Dividend loss to us, $44.3 million.
Labour's still banging on about partial asset sales, but cannot afford to buy them back having overspent on all the other election bribes.
With numbers like those above, the removal of the cold dead hand of big government is proving a worthwhile exercise. The power companies now have to perform competitively which forces them all to lift their game and will in the long term lift returns for all shareholders, including the 51% holder NZ Inc.
Pity it was only 49% sales, the government handbrake is still there on a couple of notches.