In spite of a shortfall from electricity generator and retailer TrustPower’s own generation assets and volatile wholesale prices, the company was successful in posting a 28% increase in net profit for the financial year ended March 31.

The main credit for the increase in profit goes to higher energy prices charged to customers paying spot prices, thus enabling the company to repot a A$105 million increase in revenue.

A final dividend of 17 cents per share was announced by the company that took its total payout for the year to 33c compared with 30c in the previous year.

Furthermore, the company also confirmed a 10c unimputed special dividend which is in addition to 10c paid in December.

The company’s operating expenses including energy and line costs increased by 11 per cent the credit of which goes to higher wholesale electricity cost during the first half.

The restructure and volume reduction of a large industrial contract affected the selling of electricity volume which sold to a total of 4,032 Giga watt hour (GWh), down from 4,540 GWh.

(via TopNews New Zealand. Contributed by Omaka Nelson)