Gas price drop hits Powerco

Powerco attributes a 4.5 per cent fall in its interim earnings before interest, tax, depreciation and amortisation (ebitda) to the impact of the Commerce Commission's decision in January 2009 to reduce gas prices by about 11 per cent.

It also cited increased costs related to regulatory and corporate activities.

The ebitda of $113.7 million in the six months to December 31 compared to $118 million last year.

The company made a profit after tax of $15.3 million in the six-month period compared to a loss of $31.5 million last year.

- NZPA