WEL doubles full-year profit on strong power, fibre connection growth

Thu, 30 May 2019

By Gavin Evans May 31 (BusinessDesk) - WEL Networks more than doubled its full-year profit as expansion of its fibre business boosted revenue and growth in the Waikato region increased residential connections and commercial volumes. Net income rose to $31.5 million in the year ended March 31, from $13.4 million a year earlier. Revenue increased by $35 million to $210.6 million – with electricity network revenue $13.4 million higher at $134 million, fibre revenue $14 million higher at $67 million, and other revenue – mostly from the Opunak...

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