Trustpower this week announced a demerged net profit after tax of $45 million for the six months to 30 September 2016, eight per cent below the previous corresponding six months to September 2015.
The company reported $110 million earnings before interest, tax, depreciation, amortisation and fair value adjustments (EBITDAF), $10 million lower than the previous corresponding six months.
The result reflected the demerged financial results for the company, which on 31 October 2016 implemented its split into two companies, Trustpower (formerly Bay Energy while the process was being completed), and Tilt Renewables. Tilt now holds the former Trustpower's transtasman windfarms and its wind and solar development projects, while the remaining assets, including its hydro-generation and the retail power, gas and telcom/internet network have come under the new Trustpower and retain that brand name.
Chief executive Vince Hawksworth said the $110 million demerged EBITDAF included the $8.7 million costs of the demerger and one-off costs associated with the closure of its Energy Direct brand.
"Excluding these costs, the demerged EBITDAF result is on a par with the previous year, supported by the contribution from King Country Energy," he said.