20 Nov 2013

Warm winter woes for Powerco

8:11 am on 20 November 2013

The nation's second-largest electricity and gas lines company, Powerco, is blaming a profit drop on the unseasonably warm winter.

The company's first-half net profit fell 12% to $35.4 million in the six months to September.

The company said it had delivered reasonable results, given the record high winter temperatures which depressed electricity and gas demand.

It invested nearly $54 million across its network during the period.