TrustPower posts 12pc dip in profit

Photo / Brett Phibbs

TrustPower has reported a 12 per cent decrease in underlying interim profit, saying market conditions were difficult in the period.

High hydro inflows and storage contributed to low spot electricity prices in the period, and the company countered some of the impact of increased retail competition by running successful customer acquisition campaigns in North Canterbury, Tasman and Northland.

The company reported a consolidated underlying surplus after tax of $63.8 million in the six months to September 30 compared to $72.5 million a year ago.

Customer numbers decreased to 222,000 as at September 30 from 225,000 at March 31.

An interim dividend of 19c per share is partially imputed to 13c per share.

"While the first-half market and climatic conditions were challenging, the company is currently expecting to achieve a full year ebitdaf result in line with the 2010 financial year result," chairman Bruce Harker said.

- NZPA