News

2015 Interim Results

Friday, November 20, 2015

Powerco's Chair John Loughlin has announced the company's interim results for the six months to 30 September 2015.

The amount of energy (electricity and gas) conveyed across Powerco’s electricity and gas distribution networks was up 3%, when compared to the six months to 30 September 2014.

Revenue was up $10.7 million to $243.9 million. Included in the revenue result was:

  • $57.8 million of transmission and other pass-through costs.
  • $10.8 million of customer contributions to capital works, up $3.0 million from the same period last year.

Earnings before interest expense, taxation, depreciation and fair value adjustments (EBITDAF) increased by $8.9 million to $142.9 million. This compares to $134.0 million for the six months to 30 September 2014 and $121.4 million for the six months to 30 September 2013.

Net profit after tax was down $8.0 million to $43.6 million. This compares to $51.6 million for the six months to 30 September 2014 and $35.4 million for the six months to 30 September 2013.

Underlying profit before tax (profit for the period excluding gains/losses on financial instruments) increased by $4.2 million to $55.4 million. This compares to $51.2 million for the six months to 30 September 2014 and $42.9 million for the six months to 30 September 2013.

Powerco increased investment in its core electricity and gas networks with capital expenditure of $63.9 million for the six months to the 30 September 2015. This compares to $61.8 million for the six months to 30 September 2014 and $53.7 million for the six months to 30 September 2013.

Dividends for the six months to 30 September 2015 were $25.7 million. This compares to $23.3 million for the six months to 30 September 2014 and $27.5 million for the six months to 30 September 2013.

The table below shows how we reconcile reported net profit after tax and underlying profit before tax for the six months ending 30 September 2015 and 30 September 2014.

Click here to see the results.

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