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Ann: HALFYR: TRP: Transpower announces half-year results

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    • Release Date: 25/02/16 12:22
    • Summary: HALFYR: TRP: Transpower announces half-year results
    • Price Sensitive: No
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    					TRP
    25/02/2016 12:22
    HALFYR
    PRICE SENSITIVE
    REL: 1222 HRS Transpower New Zealand Limited
    
    HALFYR: TRP: Transpower announces half-year results
    
    Transpower announces half-year results
    
    Transpower New Zealand today released its financial results for the six
    months ended 31 December
    2015.
    
    Net profit after tax, before net changes in the fair value of financial
    instruments, was $99.0 million, a decrease of 8 per cent on the prior period
    of $107.7 million. As previously signalled, the decrease reflects lower
    transmission revenue following the Commerce Commission's reset of a number of
    
    revenue parameters as part of the second regulatory control period.
    
    Transmission revenue decreased 3 per cent to $482.6 million
    The Board has declared an interim dividend of $64.8 million, representing 40
    per cent of the dividend forecast in the 2015/16 Statement of Corporate
    Intent.
    
    Chairman Mark Verbiest said that a continuing focus on tight cost control
    over the last six months has seen the organisation perform well despite a
    new, challenging operating environment.
    
    "With a lower allowable rate of return, challenging efficiency targets and
    more comprehensive and complex incentive arrangements, it's pleasing that we
    are on track to at least achieve all of our Statement of Corporate Intent
    financial targets at the end of the year."
    
    "Our transformation efforts and implementation of operational efficiencies
    will continue, with a critical focus on delivering reliable transmission
    services to our customers at an appropriate price point, while also
    delivering an effective and efficient System Operator service."
    
    Transpower's half year report will be published once it is tabled in
    Parliament.
    
    For further information please contact: Rebecca Wilson, Corporate
    Communications Manager, 04 590 6695; 021 578 608
    End CA:00278322 For:TRP    Type:HALFYR     Time:2016-02-25 12:22:14
    				
 
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