Powerco reports higher earnings

Powerco, the country's second largest electricity and gas distribution company, has increased earnings despite a warm autumn and winter and a sluggish economy.

The operator of networks in the upper central and lower central North Island reported earnings before finance costs, tax, depreciation, impairment and amortisation of $199.9 million in the year to June 30, up from $178.1 million a year ago.

The net profit after tax of $26.9 million was up from $19.8 million last year. This included a positive mark to market adjustment for financial derivatives of $3.4m, which was a significant change from the $27.8m loss for the same item last year.

The company announced that Leisel Moorhead has stepped down from Powerco’s board of directors, effective yesterday, and Michele Wong has been appointed to the board.

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