Shares of Mercury NZ (ASX:MCY) are experiencing a considerable drop, falling as much as 2.9% to NZ$6.4 in what could be their most significant dip since June 7, if the losses persist.

The electricity retailer revealed a fiscal year net profit from continuing operations of just NZ$103 million ($61.10 million), a sharp decline of 78%.

Yet, there is a silver lining, as the company reported a 24.8% increase in revenue from continuing operations, bringing it to NZ$2.73 billion.

Looking into the future, Mercury NZ (ASX:MCY) anticipates an ordinary dividend of 23.3 NZ cents per share for Fiscal Year 2024, a 6.9% increase from FY23.

Despite the recent dip, the stock has risen 18.5% this year up to the last close.

Mercury NZ (ASX:MCY) is a New Zealand electricity retailer specializing in the generation, trading, and sale of electrical power.

Its shares recently fell to their lowest level since July 28.