TrustPower 1H earnings fall 8 percent amid lower generation; shares drop

Wed, 06 Nov 2013

By Paul McBeth Nov. 6 (BusinessDesk) - TrustPower, the utility controlled by Infratil, reported an 8 percent decline in first-half underlying earnings as the power company faced lower hydro-generation and thinner margins in a competitive retail environment. The shares fell. Underlying earnings, which strip out one-time items, fell to $68.9 million in the six months ended Sept. 30 from $76.2 million a year earlier, the Tauranga-based company said in a statement. Net profit rose 11 percent to $77.2 million due to a $10.1 million gain in the v...

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