National grid operator Transpower's full year net profit has more than tripled following completion of two of its major projects and the sale of an Australian asset.
Net profit for the 12 months to the end of June was $263.7 million, compared with $84.8 million last year. Operating profit was up 23% to nearly $276 million.
Transpower chief executive Patrick Strange said this largely reflected the $AUS55 million sale of its Sydney-based subsidiary, a derivatives trading operation called d-cyphaTrade Limited, earlier this year.
The sale netted the Government a special dividend payout of nearly $66 million in June and added to what Mr Strange said was an excellent financial result.
"Good underlying earnings, costs lower than projected, so that turns into a good profit line, of course," he said.
"And we had the one-time sale of d-cypha, our Sydney business, which added $65 million for a three-person business."
Transpower also completed the North Island Grid Upgrade Project and Pole 3 of the HVDC inter-island link during the financial year, which it says contributed to the $136 million jump in transmission revenue to $861 million.
The board will pay a final dividend of $137 million in September, bringing the total dividend payout for the year to nearly $295 million.