Profit of $2.87 million at Centralines

Total revenue for the year was $14.06 million, with a net profit after tax of $2.87m.

Centralines has delivered another strong financial result for the year, Central Hawke's Bay Consumer Power Trust chairman Alistair Setter told the company's annual public meeting at the end of last month.

Along with a solid financial result for the 21 months to March 31, the consumer-owned electricity distributor also produced its best network performance ever in that time.

"The trust is very pleased with this year's results," Mr Setter said.

"Centralines is exceeding the targets we set for it and providing an extremely reliable supply to our customers."

Centralines chairman Jon Nichols said that over the past year, customers had power 99.99 per cent of the time.

"This really shows the reliability and quality of our supply, which is superior to most New Zealand rural electricity networks and many other larger, mainly urban networks.

"We've also delivered another solid financial result for our shareholder and the people of Central Hawke's Bay."

Total revenue for the year was $14.06 million, largely due to line revenue, which was $393,000 ahead of budget. This, together with strict cost management, contributed to a net profit after tax of $2.87m, enabling the payment of a discount to customers totalling $1.21m.

Mr Nichols said the result was possible thanks to the dedicated and highly skilled team at Centralines.

"I would like to take this opportunity to thank and acknowledge all our staff for their hard work," he said.

"I would also like to thank Sam Robinson who resigned from the board during the financial year. His significant contribution from a governance perspective over the past 10 years and wise stewardship as chairman has left Centralines in a strong position."

Mr Nichols said that during the financial year the company had continued its strong support for the community, beyond providing a quality and reliable power supply.

"Over the last year we have contributed to 51 organisations through donations or sponsorship in addition to our key sponsorships of the Hawke's Bay Rescue Helicopter and the Waipukurau community heated pool.

"Looking ahead, our core focus remains on ensuring optimal returns for our consumer shareholders while balancing cost, risk and performance."

He added that the company also had its eyes firmly set on identifying future growth opportunities. Over the financial year this included working with the Hawke's Bay Regional Investment Company on the proposed Ruataniwha Water Storage Scheme as it goes through the consenting process; and looking at the use of solar generation, energy storage and other alternative technologies.

At the meeting trust members were asked if the trust was considering providing broadband services, to fill in gaps in service not covered by the Government's rural broadband rollout.