Scoop has an Ethical Paywall
Powerco's annual profit falls 20% as it pays more tax
Powerco's annual profit falls 20% as it pays more tax
By Suze Metherell
May 29 (BusinessDesk) - Powerco, the energy lines company, reported a 20 percent drop in annual profit as it paid more tax and didn't realise gains on financial instruments.
Profit slipped to $73.7 million in the year ended March 31, from $91.8 million a year earlier, New Zealand’s second largest electricity network owner said. Revenue rose 7.3 percent to $445.9 million. The company paid $20 million in tax, from a previous benefit of $3.6 million.
The 2015 financial year "was another year of reliable performance where Powerco continued to focus on engaging with its 430,000 consumers and ensuring its gas and electricity networks provide a reliable supply for the communities it serves,” Powerco chairman John Loughlin said.
Powerco has $100 million in bonds listed on NZX's debt market. One $50 million tranche, which matures on June 29 and carries a coupon of 6.53 percent, last traded at a yield of 4.35 percent. The second bond, which matures in September 2017 and carries a coupon of 6.74 percent, last traded at a yield of 4.4 percent.
(BusinessDesk)
Business Canterbury: Urges Council To Cut Costs, Not Ambition For City
Wellington Airport: On Track For Net Zero Emissions By 2028
Landcare Research: ANZAC Gall Fly Release Promises Natural Solution To Weed Threat
NZ Anti-Vivisection Society: Auckland Rat Lovers Unite!
University of Canterbury: $1.35 Million Grant To Study Lion-like Jumping Spiders
Federated Farmers: Government Ends War On Farming
