KEY POINTS:
King Country Energy has posted a record annual net profit of $4.67 million, ahead of budget and up 21 per cent despite including nearly $1 million of writeoffs.
The company boosted sales during the year ended March despite a decline in generation volumes because of low rainfall in the King Country, chairman Tony Palmer said.
Earnings before interest, tax, depreciation and amortisation were $9.12 million, also ahead of forecast.
King Country Energy wrote off $960,000 in costs associated with consent application for a hydro scheme at Mokau.
Directors declared a final dividend of 12c a share.
- NZPA
