$59m result for power giant

WELLINGTON - UnitedNetworks, the country's largest electricity lines company, yesterday posted a net surplus of $59.47 million for its first interim report since the restructuring required by industry reform legislation.

The bottom line outcome for the six months to September compared with $27.16 million a year earlier, on total operating revenue down 3.1 per cent at $231.15 million.

UnitedNetworks estimated that the net surplus for the nine months to its new year end on December 31, would be about $80 million.

A fully imputed interim dividend of 15c a share, compared with 11c last time, is to be paid. - NZPA