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TrustPower’s first half profit drops 12%

TrustPower's consolidated underlying net profit for is first half came to $63.8 million, down 12% compared with the previous corresponding period, due in part to a mild winter.The power generator and retailer said its earnings before interest, tax, deprec

NBR Staff
Thu, 04 Nov 2010

TrustPower’s consolidated underlying net profit for is first half came to $63.8 million, down 12% compared with the previous corresponding period, due in part to a mild winter.

The power generator and retailer said its earnings before interest, tax, depreciation, amortisation and fair value movements on financial instruments fell by 5% to $147.7 million.

The primary drivers of the reduced result were lower revenue from the Snowtown wind farm due to low wind conditions, lower retail customer demand caused by a milder winter and lower South Island energy costs during winter 2009, which improved the prior period result, the company said.

TrustPower’s shares last traded at $7.61, down two cents from Wednesday’s close.

The company has renewable energy assets in New Zealand and owns a 98 megawatt wind farm in South Australia.


 

NBR Staff
Thu, 04 Nov 2010
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TrustPower’s first half profit drops 12%
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