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Trustpower looks headed for a solid rise in its full-year result as its third-quarter net profit came in 20 per cent ahead of the same period a year ago.
The Tauranga-based electricity retailer and generator said net profit for the nine months to December 31 was $82.4 million against $68.7 million for the same period last year.
Earnings before interest, tax, depreciation and amortisation were up 7.7 per cent at $161 million.
The company, which sells more electricity than it can generate itself, said it had benefited from lower wholesale prices as hydro lake storage levels rose to above average over the quarter. TrustPower's own generation plants also produced more power over the period than last year.
While customer numbers eased, the company made more money from selling them less electricity.
Customer sales fell 3 per cent to 3508 gigawatt hours (GWh) but receipts from customers rose 10 per cent to $538.8 million.
Trustpower shares closed 10c higher at $7.90 yesterday.
