TrustPower lifts quarterly profit

By CHRIS DANIELS

Tauranga-based power company Trustpower has nearly doubled its quarterly profit, earning $17.2 million for the three months to the end of June.

Customer numbers fell from 274,000 to 236,000 during this period. The big power companies are now largely keeping to their own areas.

Trustpower is pulling out of the Christchurch and Wellington electricity retail markets, due to cost.

Trustpower chairman Harold Titter said the company would focus on "markets where Trustpower has competitive advantage and acceptable margins can be achieved".

The second stage of Trustpower's wind farm in the Tararuas is being built. The first turbines are expected to start generating power before the end of this year.