Mighty River Power's revenues have witnessed a plummet in profits owing to a drought that punched its Waikato hydro system at a time when spot prices were at their peak. For the year till June 30, it posted a profit of $139.6 million, which was downbeat $72.1 million as compared to the year before.

The publicly owned firm's revenues were down than last year's comparatively high profits of $211million. Today, Mighty River said that the firm had reveled in high inflows into its Waikato hydro dams in the 2009 fiscal year.

In September, the Company will shell out a dividend of $30.3million to the Government, following an interim dividend of $56.2million.

Last year, Mighty River increased the prices for residential and smaller business buyers, exclusive of huge commercial agreements by around 3%. And according to reports, an additional 3.3% were raised in the end of the fiscal year, in order to reveal the affect of the emissions trading scheme.

Doug Heffernan, Chief Executive of Mighty River, said that "at this stage", the firm did not intend to boost the prices.

Meanwhile, Chairwoman Joan Withers has said that it is doubtful that the Company will be able to fetch profits like last year.

She said, "Last year's result represented an alignment of all the stars for Mighty River Power".