Powerco reports $8.1m profit

Electricity and gas distribution company Powerco has reported a full-year net profit of $8.1 million, affected by two non-cash adjustments.

The result compared with a net operating loss of $6.5 million the previous year.

Excluding non-cash adjustments, operating profit after tax for the 12 months to the end of June was $44.8 million, compared to profit of $16.2 million the previous year, Powerco said yesterday.