TrustPower claims interim profit of $82.4m

TrustPower has reported a 23 per cent rise in interim profit on a 13 per cent fall in operating revenue.

Profit after tax rose to $82.4 million in the six months to September 30 from $66.8 million last year.

This includes the impact of fair value movements on financial instruments.

The underlying surplus was up 6 per cent at $72.5 million, and earnings before interest, tax, depreciation, amortisation and fair value movements on financial instruments rose 13 per cent to $154.9 million.

Operating revenue of $408.9 million was down 13 per cent owing to lower electricity prices and lower electricity volume sold.

The company declared an interim dividend of 19c a share, with imputation tax credits for 14c of that amount. The dividend is payable on December 11.

"The first-half result for the 2010 financial year was pleasing," said chairman Bruce Harker.

He said the process of recruiting a new chief executive to replace Keith Tempest was well advanced.

TrustPower has grown from a base in the Bay of Plenty to be New Zealand's fifth-largest electricity generator. Customer numbers increased to 229,000 from 227,000.

- NZPA