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

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