Powerco posts half year profit

Taranaki-based electricity and gas distributor Powerco today reported a slight rise in its half year profit.

The company reported a net surplus of $27.99 million for the half year to December, up from of $25.5 million for the same period the previous year.

Total operating revenue rose to $189.5 million from $186.29 million the previous December half.

Earnings per share rose to 8.9c, from 8.1c.

Powerco is New Zealand's second largest electricity and gas distribution utility with around 400,000 customers.

It is 100 per cent owned by Sydney-based Babcock & Brown Infrastructure, formerly Prime Infrastructure, which gained control of the company in a messy $680m takeover in 2004.

It was previously majority-owned by the New Plymouth District Council (NPDC), Taranaki Energy Trust and Powerco Wanganui Trust.

- NZPA