Power company Top Energy is set to divide $4.4 million in profit among its 26,000 Far North customers.
Top Energy, which supplies power throughout the Far North, has confirmed an after-tax profit of $6.1 million for the 2002/2003 year.
After retaining earnings of $1.7 million, the company will pay a dividend of
$4.4 million to its owners, the Top Energy Consumer Trust (TECT).
Top Energy chairman Jack Poutsma said the company had achieved a 7.1 per cent return on shareholders' funds, which was in line with targets.
"And although this result is a little less than last year, when our Ngawha operation benefited from very high electricity spot prices during the 2001 power crisis, it's a strong performance, especially from the Contracting Services and PHONEplus call centre divisions of the group," Mr Poutsma said.
The consumer trust has previously returned the dividend to customers and has said it would again pay the dividend this year, probably in December.
Last December, households hooked up to the Top network received $175 each from the profits, while large industrial and commercial customers received $300.
Meanwhile, Top's value has been growing. Since its incorporation nearly ten years ago, it has more than trebled its net asset value, from $28.6 million in March 1994 to $86.2 million this year.
Much of the value come from the development of business units outside the company's core line network business, such as contracting, call centre operations and electricity generation.
Top employs 139 people, with almost 40 per cent of staff involved in non-core business operations.
TECT, which holds all of Top's shares on behalf of the regions electricity consumers, will report on the company's performance at a public meeting on Thursday.
- NORTHERN ADVOCATE (WHANGAREI)
