NZ's Trustpower Ltd Year Profit Down 75

Posted by Joseph R. Fonseca
Thursday, May 08, 2014

 

New Zealand power company Trustpower Ltd's full-year profit fell 7 percent because of lower generation production and margins, as well as a decline in customers, the company reported on Friday.

Trustpower said net profit after tax was NZ$115.12 million ($99.50 million) for the year to March 31, compared with NZ$123.3 million in the previous year.

The company, around half owned by utilities investor Infratil Ltd, declared a dividend of 20 cents, unchanged from last year.

Trustpower has 34 small- to medium-scale hydro plants and two wind farms inNew Zealand, with another two wind farms in Australia. It generates about 5 percent of New Zealand's power. It also provides telephone and internet services.

(Reporting by Gyles Beckford; Editing by Paul Tait)

($1 = 1.1569 New Zealand Dollars

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