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- Release Date: 01/03/13 10:30
- Summary: HALFYR: TRP: Transpower announces half-year results
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TRP
01/03/2013 08:30
HALFYR
REL: 0830 HRS Transpower New Zealand Limited
HALFYR: TRP: Transpower announces half-year results
Transpower New Zealand today released its financial results for the six
months ended 31 December 2012.
Earnings after tax, prior to net changes in the fair value of financial
instruments, were $111.5 million (December 2011: $77.1 million), an increase
of $34.4 million. This increase was primarily due to transmission grid
upgrade investment resulting in an increase in transmission revenue, which
was $419.6 million (December 2011: $344.7 million).
An interim dividend of $92 million (December 2011: $110 million) will be paid
to the Crown in March. The higher dividend in the prior year was the result
of a capital structure review.
Transpower Chairman Mark Verbiest said that the company had performed well in
the first half of the year, largely in line with planned expenditure and
revenue forecasts. "We commissioned the first of our very large capital
projects - the North Island Grid Upgrade - at the end of October 2012, and
the remaining two major projects (HVDC Pole3 upgrade and North Auckland and
Northland "NAaN" grid upgrade) are due for commissioning in the 2013 calendar
year."
"These projects will result in a more reliable and resilient grid for New
Zealanders."
"Although our programme of major capital investments is nearing completion,
we will continue to implement a range of small to medium sized projects to
maintain the reliability and resilience of the grid. Going forward, our focus
will be on restricting capital expenditure where possible, while maintaining
the integrity of the grid. We will continue to focus on technology
initiatives that will improve security and reliability of the grid, while
deferring the need to build new lines," said Mr Verbiest.
Transpower's full half year accounts will be published once they are tabled
in Parliament, which is expected to be in April 2013.
For further information please contact: Rebecca Wilson, Corporate
Communications Manager, 04 590 6695; 021 578 608
End CA:00233606 For:TRP Type:HALFYR Time:2013-03-01 08:30:15
