TrustPower FY17 Profit Rises 37%

By Ben Collins Features Dow Jones Newswires

WELLINGTON, New Zealand--Power generator and retailer TrustPower (TPW.NZ) said Monday that its profit after tax for the year ended March 31 rose 37%.

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This result comes after a de-merger in October last year that saw the company separate into two entities, Trustpower Limited and Tilt Renewables Limited, and shows Trustower's actual performance since then together with its share of the combined group's results before the split.

Trustpower said the rise in net profit to 94 million New Zealand dollars (US$64.5 million) was helped by strong power generation after favorable hydro conditions in New Zealand and Australia.

"The year was characterised by strong generation volumes, particularly in Australia where the increased volume was also associated with very high spot prices," said Chief Executive Vince Hawksworth in a statement.

Underlying earnings after tax rose 36% to NZ$ 115 million. Earnings before interest, tax, depreciation, amortization, fair value movements of financial instruments, asset impairments and discount on acquisition rose 5% to NZ$218 million or, excluding the merger cost, to NZ$235 million.

Directors of the company declared a final dividend of 17 cents per share, which together with the interim dividend, brings the total payout to 33 cents per share for the 2017 financial year.

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Shares in Trustpower last traded at NZ$5.00, giving the company a market capitalization of NZ$1.5 billion (US$1 billion).

Write to Ben Collins at ben.collins@wsj.com

(END) Dow Jones Newswires

May 14, 2017 17:35 ET (21:35 GMT)