Powerco Releases Interim Result for Six Months to 30 September 2013

Wednesday, November 20, 2013

Powerco Interim Chair Murray Bain today announced the company had made a net profit after tax of $35.4 million in the six months to 30 September 2013, compared with $40.2 million for the corresponding period in 2012.

He said Powerco had delivered reasonable results, taking into account the record high winter temperatures which depressed electricity and gas demand.

Powerco’s earnings before interest, taxation, depreciation, amortisation and financial instruments (EBITDAF) for the six month period ended 30 September 2013 was $121.4 million. EBITDAF for the six months to 30 September 2012 was $127.7 million.

A total of $53.7 million was invested in capital expenditure across Powerco’s networks.

Mr Bain said the company was looking forward to continuing its focus on being a reliable partner delivering New Zealand’s energy future.

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