1 Sep 2009

Energy company posts $8m profit

4:59 pm on 1 September 2009

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.