Powerco in big turnaround

Taranaki-based electricity and gas distributor Powerco has reported a turnaround in half-year profit.

The company reported a net surplus of $27.99 million for the half year to December, up from a loss of $25.5 million for the same period the previous year.

Total operating revenue rose to $189.5 million from $186.29 million the previous December half.

Earnings per share rose to 8.9c, from a loss per share of 8.1c.

Powerco is New Zealand's second largest electricity and gas distribution utility with around 400,000 customers.