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Powerco says network business shows resilience

Contributor:
Fuseworks Media
Fuseworks Media

Wellington, Aug 27 NZPA - Powerco Ltd said its electricity and gas network businesses have demonstrated resilience in a time of sluggish economic activity, allowing it to report a 144 percent rise in profit.

The net profit after tax of $19.8 million in the year to June 30 compared with $8.1 million in the same period last year. Revenue rose to $357.6m from $357.1m.

"Powerco's line and pipe revenues have been largely unaffected by the recent economic downturn. The small increase in revenues was despite the significantly warmer than average autumn leading to a decrease in both electricity and gas consumption," said chairman Rick Bettle.

Earnings before interest, tax, depreciation, amortisation and impairment was $178.1m compared with $153.6m last year.

Powerco's shareholders are Prime Infrastructure Networks (New Zealand) Ltd 42 percent, QPC Investments No 1 Pty 30 percent and QIC Infrastructure Management Pty 28 percent.

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