Thursday 13th April 2017
|Text too small?|
Trustpower, the electricity generator-retailer which spun out its wind development into the separately listed Tilt Renewables, says earnings were at the top end of guidance after strong generation, especially in Australia.
The Tauranga-based company's earnings before interest, tax, depreciation, amortisation and financial instruments were at the top of the forecast range of $215 million-to-$235 million in the year ended March 31, it said in a statement. That was due to "strong generation production, particularly in Australia", it said. That's down from $332.9 million when Tilt was still part of the group.
Trustpower's quarterly metrics show electricity and gas connections were relatively stable at 276,000 and 33,000 for the year, with the volume of sales largely flat. However, total New Zealand generation grew 24 percent to 2,017 gigawatt hours and Australian generation climbed 41 percent to 359 GWh.
In February, Trustpower said it expected a small increase in earnings from its acquisition of King Country Energy, offsetting the cost of demerging Tilt.
Trustpower shares rose 1.1 percent to $4.68 and have slipped 2.3 percent so far this year.
No comments yet
Transpower sees no risk to credit metrics from incentive change
NZ dollar rises, an outlier amid rising Gulf tensions
Craigmore spends $32M to expand Kerikeri kiwifruit crop by 'more than a third'
CentrePort eyes further hub expansion
South Port beats guidance, earnings in line with 2018 record
Plexure sees revenue growth from White Castle deal
22nd July 2019 Morning Report
NZ dollar treading water as markets focus on Iran
MARKET CLOSE: NZ shares extend gain as passive funds bolster prices; Tourism Holdings climbs
NZ dollar headed for 1.3% weekly gain on expectations of a Fed rate cut