Transpower pays $205M final dividend as it takes on debt to fund upgrade

Thu, 16 Aug 2012

Aug. 17 (BusinessDesk) - Transpower, the state-owned electricity grid company, will pay a $205 million final dividend after opting to use more debt to fund the upgrade of its network and posting an 8 percent increase in annual profit. Net profit rose to $84.8 million in the 12 months ended June 30, from $78.5 million a year earlier, the Wellington-based company said. The year-earlier result included a $19.7 million impairment on its North Island Grid Upgrade land portfolio. Operating revenue rose to $794.2 million from $737.2 million. The fi...

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