Powerco boosted net profit 8.9 percent in the nine months through March in a year when the country's second-biggest local electricity network owner changed its balance date and paid out more to its shareholders.
Profit rose to $25.6 million in the nine months ended March 31, or 6.9 cents per share, from $23.5 million in the same period a year earlier, the New Plymouth-based company said in a statement.
Revenue rose 4.9 percent to $281 million, while earnings before interest, tax, depreciation, amortisation and fair value adjustments slipped $1 million to $147.8 million.
"The results reflect the company's resilience and stability," chairman Rick Bettle said. "Our capital structure is stronger and we have invested for the future with a significant increase in investment in our distribution networks and by improving financial and operational systems."
Powerco has four bonds totalling $330 million listed on the stock exchange's debt market and issued a $100 million wholesale bond in December. All four securities trade at a premium to their face value, and $130 million of that debt matures in September this year.
The company paid $48.3 million, or 13.1 cents per share, in the nine-month period, up from $25 million, or 6.8 cents per share, in the 2011 financial year. Powerco is 42 percent owned by Prime Infrastructure Networks, and in discussions with co-owner QIC over its stake in the utility.
Prime Infrastructure, formerly Babcock & Brown, reported a net loss of $11 million in the 2011 calendar year, and has $147.1 million of listed New Zealand debt maturing in November this year.
(BusinessDesk)
1 Comments
The company paid $48.3 million, or 13.1 cents per share, in the nine-month period, up from $25 million, or 6.8 cents per share, in the 2011 financial year. Powerco is 42 percent owned by Prime Infrastructure Networks, and in discussions with co-owner QIC over its stake in the utility.
Profit rose to $25.6 million in the nine months ended March 31, or 6.9 cents per share, from $23.5 million in the same period a year earlier, the New Plymouth-based company said in a statement.
I presume the payout refers to the dividend payment.
Astonishingly nearly twice the net profit .
Is this an example of how we expect the private sector will attempt to pressure the government to hollow out the power companies after partial privatisation?
At this rate Powerco will have no funds available to replace depreciated infrastructure - where will that leave freezing Kiwis - Government subsidy?
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