Energy network company Powerco has made a profit of $8.1 milion in the year to June, boosted by one-off items such as the sale of its investments in Australia.
The result is a turnaround from last year's $6.5 million loss. Sales rose 1% to $371 million.
The company sold its Tasmanian gas network this year.
Powerco has $420 million of debt to pay in November and it says it has a commitment from its banks to refinance the full amount.
The company is now 58% owned by Australian-based QIC.