Mighty River pays first 6-month dividend

In New Zealand, State-owned Mighty River Power has paid its first interim dividend to the government. The payment of $40.3 million was for the six months to the end of December, 2009. Mighty River operates geothermal plants around Taupo and Bay of Plenty and the nine-station Waikato hydro system. It reported a first half net profit of $52.9 million, up from $22 million the previous year when the company had a $85.1 million charge for a change in the fair value of derivative financial instruments, mostly related to interest rates. Mighty River said the interim dividend was the first in the company’s history and replaces a previous policy of paying just one dividend at the end of the financial year.