Trustpower turns around nine-month result

By NZPA

Thursday 30th January 2003

TrustPower improved its nine-month after-tax result to $39.2 million, from a loss of $1.0 million in the same period last year.

The Tauranga-based electricity generator and retailer's unaudited result for the nine months ended December 31 included a $2.7 million profit on the sale of TrustPower's Monowai Power scheme in Fiordland.

"Cashflows for the period have been strong and reflect a significant improvement on the negative flows of the comparative period last year," the company said.

Revenue for the period totalled $467.0 million, with a return to "more normal generation patterns" compared with the previous year, the driest in 70 years.

TrustPower's conditional agreement to purchase the Cobb hydro generation scheme from NGC for $92.5 million is expected to be settled by early March.

"This acquisition is expected to have a neutral effect on the March 31 result, but is expected to be profit and cash flow positive for future periods."

TrustPower has converted 14.97 million convertible notes held by AGL NZ to an equal number of ordinary shares. The company also reopened its retail bond issue, which raised $53 million after its launch in August 2002. TrustPower has raised an extra $42.4 million.

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