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ERM Power Limited (ASX:EPW) first-half net profit has nearly halved to $14.1 million, despite a significant lift in sales volume and revenue.
Net profit came in at $14.1 million, down from $27.3 million in the same period a year ago.
The company declared a fully franked interim dividend of 6 cents per share.
Managing Director and CEO Phillip St Baker says earnings will be biased to the second half of this year, opposite to last year, due to sales development and hedging option costs which were expensed in the first half.
Carbon costs were also required to be expensed at a higher rate in the first half than they will be in the second half.
