Trustpower Ltd (NZX: TPW) delivered a financial and production result for the half year to September which it said was a delivery “on strategy.”
The company said yesterday that its operating EBITDAF was $129 million which was down 15% on the corresponding 2017 half, and underlying earnings after-tax of $64.7 M which was down $17.6 M or 21% on the corresponding half.
However, Trustpower said generation volumes were up 70 GWh or 6% higher on long run averages but 12% below the highly favourable levels of HY2018.
Trustpower’s telco customer numbers reached 91,000 which were 14% higher than the same period last year, while customers with two or more products rose 2% to 102,000.
Trustpower chairman Paul Ridley-Smith said the results reflect a strong retail business, and sound management of the company’s 27 schemes across NZ.
The company’s total shareholder return over the six months was 14.8% compared to the NZX50 index of 12.4%.
Ridley-Smith said operational highlights included refurbishment of two generators at the Coleridge Scheme, and the successful migration of 13,000 new customers with 17,000 electricity connections over to Trustpower, following acquisition of the King Country Energy retail business.
In mid-October Trustpower revised its EBITDAF guidance for the current fiscal year to be in the range of $215 M-$235 M, an increase of $10 M. The guidance assumes average hydrology and current forward wholesale electricity prices.