Monday 3rd November 2008
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Net income rose to $66.8 million in the six months ended September 30, from $64.3 million a year earlier, the Tauranga-based company said in a statement today.
TrustPower boosted hydroelectric power production in the first half, helped by increased rainfall later in the period. That helped reduce the need for spot purchases at a time when the weighted average price almost tripled from the previous year because of prolonged drought.
Despite global financial turmoil, "the business fundamentals are sound, which augurs well for a satisfactory annual result," chairman Bruce Harker said.
The company raised its first-half dividend by 1 cent to 16 cents and announced a special dividend of 10 cents a share.
TrustPower's shares were unchanged at $7.40 and have declined 20% in the past year. The company trades at about 24 times earnings, more than the P/E of rival Contact Energy, at about 18 times. Infratil, which owns 50.5% of TrustPower, rose 1% to $1.95.
The company sold about 210,000 tons of emission credits during the period, it said.
Separately today, the company said it plans to sell as much as NZ$100 million of December 2015 bonds with a coupon of 8.4% this week, to refinance maturing debt.
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