TrustPower returns to profitability

Tauranga-based electricity generator TrustPower yesterday posted a better-than-expected surplus of $9.9 million for the three months to June 30.

The unaudited result, based on total revenue of $170.6 million, compares with the $2.9 million loss recorded in the equivalent period a year earlier.

TrustPower said the result represented a return to normal profitability after last year's dry winter, when it was forced to bid for electricity on the spot market. Its generation output during the June quarter was up 3 per cent on long-run averages, compared with an 8 per cent deficit last year.

Water inflows in all TrustPower's catchments were also well above normal.

TrustPower is owned by utilities investor Infratil, Alliant International NZ, the Australian Gas Light Co and the unlisted Tauranga Energy Consumer Trust.

- NZPA