Powerco generates steady result

Powerco has reported a lower operating profit for the six months to December 31, saying a rise in core electricity and gas distribution revenue was offset by reductions in other income.

The power company which operates in the lower and central North Island said earnings before interest, tax, depreciation and funding of $105.9 million were 2.9% lower than the same period a year earlier.

Reductions in other income and higher asset disposals, relating to the upgrading of the networks, reduced the profit by $3.2 million.

Net profit after tax of $25.4 million, was up from $15.28 million last year.

Powerco chairman Rick Bettle said the net profit was a good result, particularly in light of the recent economic downturn.

Bettle said the company would use a five-year revolving cash advances facility to repay $100 million of credit wrapped bonds when they mature on March 29.

NZPA

Comments from our readers

No comments yet

Add your comment:

Your name:
Your email:	Not displayed to the public
Comment:
Comments to Sharechat go through an approval process. Comments which are defamatory, abusive or in some way deemed inappropriate will not be approved. It is allowable to use some form of non-de-plume for your name, however we recommend real email addresses are used. Comments from free email addresses such as Gmail, Yahoo, Hotmail, etc may not be approved.

Anti-spam verification:

Type the text you see in the image into the field below. You are asked to do this in order to verify that this enquiry is not being performed by an automated process.

Related News:

TGG - Response to media speculation
ARB - Annual Meeting Date and Director Nominations
CNU - Q4 FY25 Connections Update
MOVE FY25 Results and Investor Briefing 29 August 2025
RYM - First quarter trading update
July 11th Morning Report
IKE Announces equity raising of A$20 million
Chorus full year results date
FPH 2025 Notice of Annual Meeting and Voting Form
July 10th Morning Report