Powerco, the energy lines company, reported a 20 per cent drop in annual profit as it paid more tax and didn't realise gains on financial instruments.
Profit slipped to $73.7 million in the year ended March 31, from $91.8 million a year earlier, New Zealand's second largest electricity network owner said.
Revenue rose 7.3 per cent to $445.9 million. The company paid $20 million in tax, from a previous benefit of $3.6 million.
The 2015 financial year "was another year of reliable performance where Powerco continued to focus on engaging with its 430,000 consumers and ensuring its gas and electricity networks provide a reliable supply for the communities it serves," Powerco chairman John Loughlin said.
Powerco has $100 million in bonds listed on NZX's debt market.
