Powerco releases financial results for the nine months to March 2012.
Powerco Chairman Rick Bettle has announced the company has again delivered consistent results, with a solid operating and net profit for the period.
The results are for the nine months to 31 March 2012 due to a change in balance date.
For the nine-month period, Powerco recorded group revenues of $281.0 million, up $13.2 million on the previous comparable nine-month period. Earnings before interest, taxation, depreciation, amortisation and fair value adjustments (EBITDAF) of $147.8 million is within $1 million of the previous period result of $148.8 million. Net profit after tax (NPAT) of $25.6 million is also slightly up on the prior period of $23.5 million.
Mr Bettle said the NPAT of $25.6 million was a good result in light of uncertain economic conditions. “The results reflect the company’s resilience and stability. Our capital structure is stronger and we have invested for the future with a significant increase in investment in our distribution networks and by improving financial and operational systems.”
He said Powerco continued to expand its relationships with credit markets in the past nine months, issuing a $100 million Wholesale Bond in December 2011 and in April 2012, extending our funding relationship with ANZ and Westpac, as well as establishing a facility with the Bank of Tokyo-Mitsubishi.
“Maintaining a diverse range of reliable funding sources, both locally and offshore, is paramount to ensuring our funding requirements are able to be met. Our strong partnerships with debt and equity providers ensure our future network investment needs can be met, and reliable and efficient results can continue to be delivered to our customers.”
Click here for Powerco's financial results for the nine months to 31 March 2012.