Sharechat Logo

Trustpower sees small gain for 2017 earnings from King Country Energy

Friday 10th February 2017

Text too small?

 Trustpower says  2017 earnings will be a slight improvement on the previous year when it reported a 38 percent fall in annual profit to $90 million.

The Tauranga-based energy and telecoms utility said its annual earnings to March 31, 2017 will be boosted by consolidating a full year of operations from King Country Energy and offset by the cost of the demerger it implemented on Oct. 31, 2016, where it separated into Trustpower and Tilt Renewables.

"Taking these factors into account as well as the operating results to date the directors consider that Trustpower’s year end results will be better than last year but not by a significant margin," the company said in a statement to the NZX. The company's 2016 profit was lower due to higher depreciation as a result of the increase in asset values and the gain on acquisition of Green State Power reported in the previous financial year, it said at the time.

The company said it couldn't accurately quantify the impact of new regulations by the Electricity Authority on transmission pricing and distributed generation which were announced in December.

The shares last traded at $4.61, down 1.5 percent today, and have fallen 6.3 percent in the past 12 months.

 

BusinessDesk.co.nz

General Finance Advertising  

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.
Bookmark and Share   Printable version
Related News

MARKET CLOSE: NZ shares rise as Restaurant Brands, A2 gain; Xero, Scales drop
NZ dollar pares CPI gains as greenback rises, wait for govt continues
Fisher Funds says new Xero holding amounts to 3% of Kingfish fund
Reduced viewpoints in media merger not ComCom's concern, lawyer says
NZ Super Fund, govt cash cow, paid 60 times more tax than Fonterra last year
Infratil, flush with funds, won't offer reinvestment option for Nov. 2017 bond holders
NZ frozen beef exports to Japan slump after tariff hike
Mondelez pulls pin on finding local manufacturer for Kiwi candy
ASX-listed HRL Holdings expands Kiwi footprint with $30M Analytica Laboratories acquisition
Ebos forecasts 10% lift in 2018 earnings after strong first quarter for healthcare, animal products

IRG See IRG research reports