27 May 2013

Powerco profit result

7:31 am on 27 May 2013

Powerco has recorded an annual profit of $62 million.

The previous year's result of $29 million was weighed down by writedowns and higher finance costs.

Chairman Rick Bettle said the company's result was solid and its operating earnings illustrate the stability of the business. Operating profit rose 4.4% to $224 million.

Mr Bettle said Powerco continues to cement its relationships with credit markets. In October last year it borrowed $US105 million for terms of 10 and 15 years.

These strong relationships with finance providers mean Powerco is well-placed to fund future network investment requirments which will ensure the company delivers a safe, reliable and efficient service to its customers, he said.

Powercois the second-largest electricity and gas lines company in New Zealand. A 42% stake, currently owned by Canada-based Brookfield Infrastructure Partners, is for sale.