Electricity generator and retailer TrustPower has increased full-year net profit, even though revenues slipped.
The Tauranga-based company said yesterday its consolidated operating surplus after tax was up 20 per cent to $97.4 million for the year to the end of March.
But operating revenue was down 7 percent to $626.3 million as a result of lower energy prices charged to those customers paying spot market prices.
Earnings before interest, tax, depreciation and amortisation grew 6 per cent to $196.4 million.
A fully imputed final dividend of 14c per share was announced, taking the total payout for the year to 27c, compared with 23c the previous year.
TrustPower, in which Infratil has a 50.5 per cent shareholding and the Tauranga Energy Consumer Trust 33 per cent, had a slight reduction in customer numbers to 219,000 at the end of the 12 months from 220,000 a year earlier.
Operating expenses, including energy and line costs, were down 12 per cent on the previous year, primarily driven by lower electricity spot prices and the increased use of the group's own generation production.
Generation production of 1941 gigawatt hours (GWh) for the year was up 8 per cent on the previous year but slightly down on the long-term average. The total volume sold of 4575 GWh compared with 4724 GWh in the previous year.
During the early months of the financial year, lake storage levels and inflows were well below average - leading to higher spot electricity prices. That turned around in the second half of the year following high inflows across the country in November and December.
