Powerco's annual profit falls 20% as it pays more tax

Fri, 29 May 2015

By Suze Metherell May 29 (BusinessDesk) - Powerco, the energy lines company, reported a 20 percent drop in annual profit as it paid more tax and didn't realise gains on financial instruments. Profit slipped to $73.7 million in the year ended March 31, from $91.8 million a year earlier, New Zealand’s second largest electricity network owner said. Revenue rose 7.3 percent to $445.9 million. The company paid $20 million in tax, from a previous benefit of $3.6 million. The 2015 financial year "was another year of reliable performance whe...

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