HomeInfratil News2018Trustpower half year report – 30 September 2018

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Trustpower half year report – 30 September 2018

5 Nov 2018

Trustpower delivers on strategy

  • Operating earnings (EBITDAF) of $129.6 million, down 15%
  • Underlying earnings after tax of $64.7 million, down $17.6 million or 21%
  • Fully imputed interim dividend of 17 cents and unimputed special dividend of 25 cents payable on 7 December 2018

Trustpower Limited (NZX:TPW) has delivered a sound half year result through implementation of its generation and retail strategies.

Generation volumes were up 70 GWh, 6 per cent higher than long run averages but 12 per cent below the highly favourable levels of HY2018. Wholesale prices also trended closer to long run averages, resulting in Trustpower’s generation performance being lower than HY2018, but higher than HY2017.

Trustpower’s telco customer numbers reached 91,000, up 11,000 or 14 per cent on the same time last year. Total utility accounts reached 399,000, up 2,000 from 31 March 2018, while customers with two or more products rose 2 per cent to 102,000. Overall retail revenues of $487.4 million were in line with the same period last year however retail earnings were slightly down due to investment in capability.

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