Wellington, May 15 NZPA - TrustPower said it is positioned for further growth even after paying a special dividend to shareholders from its profit.
TrustPower today reported a bottom line profit of $105.1 million in the year to March 31, up from $98.1m last year.
The profit after tax, excluding changes in the value of financial instruments, rose 28 percent to $118.8m and earnings before interest, tax, depreciation, amortisation and changes in the value of financial instruments rose 25 percent at $260m.
The company declared a partially imputed 17c a share final dividend and an unimputed special dividend of 10c a share. Both are paid on June 8 to shareholders on the register on May 29.
TrustPower is New Zealand's fourth largest electricity retailer and fifth largest electricity generator.
The dividend payments provide income for infrastructure investor Infratil, which owns 50.5 percent of the company, and Tauranga Energy Consumer Trust, which owns 33 percent.
"The company believes that following the payment of the final and special dividend it is positioned to pursue growth opportunities," TrustPower said.
The company said it was too early to make predictions about the 2010 financial year but noted New Zealand hydro lake storage levels were currently 124 percent of average.
The company suffered from low wind production and low hydro inflows and reduced transmission capacity in its first quarter but in the second quarter there were high inflows into its hydro catchments.
TrustPower was able to run its hydro generation plants "strongly during a period of high prices".
Operating revenue of $785m was up 15 percent. This included $17m from telecommunication services, $8.4m from the sale of carbon credits and $24.2m from the Snowtown wind farm in South Australia.
Operating expenses, including energy and line costs, increased 11 percent on the previous year.
Total electricity volume sold by the company in New Zealand was 4032GWh compared with 4540 GWh last year.
Customer numbers increased to 227,000 at 2009 year end from 222,000 a year earlier.
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