WELLINGTON, New Zealand--Meridian Energy Ltd. said its full-year earnings fell as drought in New Zealand reduced power generation from its hydro lakes.

The company on Wednesday said net profit for the financial year ended June 30 fell 27% from a year earlier to 232 million New Zealand dollars ($161 million) on an underlying basis.

Meridian, New Zealand's largest hydropower generator, said water into its hydro catchments from November 2020 to April 2021 was the third lowest on record for that period.

"Challenging drought conditions prevailed through much of the second six months of the year and as a result New Zealand hydro generation was down 12% on the previous year," the company said.

Write to Stephen Wright at stephen.wright@wsj.com

(END) Dow Jones Newswires

08-24-21 1714ET