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No dividend from Transpower as major projects roll on

Wednesday 25th August 2010

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State-owned electricity network operator Transpower won’t be paying a dividend to the government this year, despite a 4.6% improvement in profit for the year to June 30.

Transpower reported this morning that its net underlying profit was $142.4 million for the last financial year, an increase of $6.6 million on the previous year’s result, driven by increased transmission charges and the commissioning of national grid upgrades. 

“Given the need to fund the extensive capital works programme, no dividend will be paid to the government this year,” said chairman Wayne Boyd.

Transpower’s recently tabled Statement of Corporate Intent shows no return to dividends until 2012, once a $3.8 billion tranche of grid upgrades is completed.

The company’s full results and annual report do not become available until tabling in Parliament, around September 21.

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