TrustPower Ltd has reported after-tax profit rose 14 percent to $119.4 million in the year ended March 31, 2010 on a 3 percent fall in revenue.
Earnings after tax, excluding fair value movements on financial instruments and impairment charges in relation to the replacement of the company's customer information system, were $116.8m, down from $118.8m last year. The reduction reflected higher depreciation charges on revalued generation assets.
Earnings before interest, tax, depreciation, amortisation, fair value movements of financial instruments and asset impairments rose 5 percent to $273.9m.
Operating revenue fell 3 percent to $759.3m as a result of lower energy prices charged to those customers paying spot market prices.
Operating expenses including energy and line costs decreased 7 percent on the previous year, primarily driven by lower wholesale electricity costs.
Network distribution costs increased by 10 percent.
Total electricity volume sold by the company in New Zealand was 4103 GWh compared with 4032 GWh in the year to March 31, 2009. Customer numbers decreased by 2000 to 225,000 as at March 31, 2010.
