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TrustPower said yesterday its net profit in the June quarter rose 22 per cent to $32 million, thanks in part to a one-off $7.4 million windfall arising from the cut in corporate tax next year.
The lower tax was due to a reduction in a deferred tax liability.
Operational earnings were down as lower hydro production hit the result.
Earnings before interest, tax, depreciation, amortisation, and adjustments for financial instruments (ebitdafi) fell to $51.3 million from $53.4 million a year ago.
TrustPower shares eased 15c to $8.50.
