Pacific Hydro reported a net profit of $19.7 million for the six months to 31 December 2002, down 10% from the $22 million net profit reported in the corresponding period in 2001, which included a $6 million windfall from the power stations and other retail assets in New Zealand.
Nevertheless, Pacific Hydro said revenue was up 27% to $31.3 million with operating profit interest, tax, depreciation and amortisation up 16% to $24.5 million. Earnings per share increased by 23% from 12.5c to 15.3c.
"Pacific Hydro has continued to deliver predictable and consistent earnings growth while adding new sustainable projects to the development pipeline," said Pacific Hydro Managing Director, Jeff Harding.
Harding added profit contribution from the Philippines was satisfactory, and in Australia earnings from the Ord offset the impact of the drought on Victorian hydro activities. The wind farm at Codrington performed slightly ahead of budget.
Harding said some of the highlights for the company during the half-year included generation of electricity from the first commercial hydro station installed on an irrigation channel in Australia; commencement of construction of Australia's largest wind farm in Victoria; approval from the State and Federal Governments for the Portland Wind Energy Project in Victoria; and approval from the Gallop Government for a wind project in Fremantle.
Currently, Pacific Hydro is trading at $3 per share, up from last Friday's close of $2.92.
