First-half $17.6m surge for Powerco

Lines company Powerco has reported a net profit of $17.6 million for the six months to the end of September, up from $2.3 million in the previous corresponding period.

The full year forecast has been revised up to $33.4 million from $31.6 million.

The increased first half profit stemmed from continued benefits of previous mergers, strong cost-containment and the recent acquisition of Hutt Valley and Porirua gas networks from Australian Gas Light, the company said.

A fully imputed dividend of 5.9 cents a share will be paid on December 14. A final fully imputed dividend of 7.2 cents a share, payable next June, was expected.



Whiteware production line manufacturer Scott Technology has posted a net profit of $415,000 for the year to August 31, down sharply from the $3.6 million reported for the previous year.

Group sales for the year were $16.6 million, down from $30.7 million the previous year.

A final fully imputed dividend of 2 cents a share was declared, bringing the total dividend for the year to 3.5 cents a share.

The directors expected a return to appropriate profit levels in the medium term.