Powerco has released its financial results for the 12 months ending 31 March 2013.
Powerco Chairman Rick Bettle has announced the Company delivered a solid operating and net profit for the period, continuing the trend of consistent financial performance year on year.
Mr Bettle said the Company’s operating performance reflected the stability of the business, with earnings before finance costs, loss on disposal, taxation, depreciation, amortisation, impairment and financial instruments (EBITDAF) of $224.1 million, up on the $214.6 million (unaudited) recorded in the previous 12-month period. The audited result of $160.7 million for the period ending 31 March 2012 was for nine months as a result of the company changing its balance date.
The company recorded a net profit after tax of $62.1 million compared to $29.0 million (unaudited) for the 12 months ending 31 March 2012. The net profit after tax result (unaudited) for the 12 months ending 31 March 2012 was adversely affected due to a number of factors including the impairment of assets and higher finance costs (circa $29 million) when compared to the current year.
Mr Bettle said Powerco continued to cement its relationships with credit markets. In October 2012, the company borrowed a total of US$105 million for 10-year and 15-year terms from its loyal group of United States-based investors.
“Our strong partnerships with finance providers ensure Powerco is well placed to fund future network investment requirements and, in turn, ensure we continue to deliver a safe, reliable and efficient service to our customers.”
Mr Bettle said $104.8 million was invested in capital expenditure across Powerco’s networks during the year to 31 March 2013, and all planned maintenance was successfully completed.
Safety performance has significantly improved over the last few years, with only one lost time injury during the year. The company’s lost-time injury frequency rate has trended well below the industry average.
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