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.

Related News:

MARKET CLOSE: NZ shares edge up as NZX leads late recovery, Air NZ falls
Twyford extends olive branch to Singapore in house-buying ban
NZ dollar gets late lift from US political news
IRD to get increased powers to extract info from multinationals under new tax law
Sanford still focused on building inhouse innovation capability, premium brand
CricHQ's business and assets to be sold to NZ investors, settlement in January
MPI survives defrag of fisheries, forestry, biosecurity, food safety portfolios
Government to conduct inquiry into September fuel pipeline outage
FX trader faces civil proceedings over lack of anti-money laundering processes
NZ food prices fall 0.1% in November, rise in year on gains for kumara, pumpkin, butter

IRG See IRG research reports