New Plymouth-headquartered Powerco released its results yesterday evening, after the NZX had closed, saying the 2004 six-month profit was up NZ$6.3 million on the corresponding 2003 figure and included an additional $4.2 million from its Australian businesses.

Chairman Barry Upson said the Powerco board had authorised the payment of an un-imputed interim dividend of 7.5 cents per share, payable on December 17 to those shareholders still on the company register at December 3.

“It should be noted that shareholders who accept the Prime offer for their shares will not be entitled to receive the interim dividend.”

Upson said the strong results reflected Powerco’s diversified business revenue, growth in business activity, and income from new connections and consumer demand and load. It demonstrated that the company was taking full advantage of its increased scale, diversified revenue streams and overseas investments.

He confirmed that the New Plymouth District Council would have received about NZ$9 million if it had not sold its 38.2% shareholding to Prime, the Taranaki Electricity Trust about NZ$2.8 million, and Powerco Wanganui Trust about NZ$878,000.

Chief executive Steven Boulton described the result as "solid” and said the outlook for the next six months was positive, with opportunities for a range of broad developments in both Australia and New Zealand.

"Our focus for the next six months will be to continue to deliver the necessary infrastructure for new consumer connections in New Zealand and build our presence in Tasmania, to take full advantage of the opportunities for growth of our asset ownership, asset management and contracting businesses and to identify innovative ways to support the Government's initiatives in energy policy.”