The Tauranga-headquartered hydro and wind farm firm released its interim report to the NZX today, saying the latest half-yearly unaudited surplus was up NZ$3.2 million from the NZ$36.9 million for the same 2003 period.
Earnings before interest, tax, depreciation and amortisation increased by 16% – from NZ$79.1 million to NZ$92.0 million – on the back of above-average hydro-lake storage levels and inflows.
Spot electricity prices were significantly lower compared with the 2003 period – NZ$37 per MWh versus NZ$99 per MWh. TrustPower's own generation assets produced 1100 GWh during the first half, up 4% on the 892 GWh of the 2003 period.
Chairman Harold Titter said many of the company’s hydro generation storage catchments were at high levels, leaving the TrustPower well positioned for the remainder of the 2004-05 financial year.
Titter said TrustPower remained focused on hydro generation-wind farm development opportunities in New Zealand and wind farm development opportunities in South Australia.
TrustPower directors declared an interim fully imputed dividend of NZ9.0 cents per share (NZ8.5 cents last year) and anticipated another good result for the full financial year.
TrustPower is the smallest of the big five NZ electricity players.
