Transpower reports first year in harness with big upgrades

Thu, 14 Aug 2014

By Pattrick Smellie Aug. 14 (BusinessDesk) - State-owned monopoly Transpower, operator of the national electricity grid, has reported an 18 percent drop in full-year profit, reflecting higher depreciation and interest costs following completion of major grid upgrades. Net profit was $216 million in the year ended June 30, on revenue that rose 9 percent to $1 billion, reflecting higher charges the company can now make on its enhanced network. A final dividend of $91 million, down 34 percent on the previous year, when a $65.7 million spe...

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