Powerco posts $61m profit

Taranaki-based electricity and gas distributor Powerco yesterday posted a net after-tax profit of $61 million for the 15 months to June 30.

Chief operating officer Richard Krogh described the result, which compares with a revised $27.6 million profit for the 12 months to March 2004, as a "solid performance".

Last year's profit was revised down from a previously reported $55.1 million after the sale of Powerco to Australia's Babcock & Brown Infrastructure (BBI), which resulted in the writedown of future income tax benefits.

Yesterday's result was buoyed by steady revenue from its New Zealand distribution networks and new revenue from a gas project in Tasmania.

Total revenue climbed 37 per cent to $445 million, compared with the $325 million recorded in the previous 12-month year. Earnings before interest, taxation, depreciation and amortisation totalled $251.9 million.

Powerco, New Zealand's second largest electricity and gas distribution utility with about 400,000 customers, is changing its balance date from March to June.

- NZPA