Transpower announces half-year results

24 Feb 2021

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Transpower New Zealand today released its financial results for the six months ending 31 December 2020.

Net profit after tax, before net changes in the fair value of financial instruments, was $70.6 million, down 33% from the previous period’s result of $105.2 million.
Transmission revenue declined 6.4% to $451.8 million (2019 – $482.7 million) mainly due to pricing changes from Regulatory Control Period reset, which reduced WACC from 7.19% to 4.57%.
Operating expenses at $145.2 million, were up 7.5% compared to the previous period (2019 – $135.1 million).
Capital expenditure was $156.8 million, down 10 per cent from the same time last year (2019 – $173.4 million) and in line with Transpower’s approved capital programme.
An interim dividend of 4 cents/share or $48 million has been declared, representing 40 per cent of the expected full-year dividend forecast in Transpower’s 2020/21 Statement of Corporate Intent.

For further information, please contact:

Deborah Gray, Corporate Communications Manager on 04 590 7631 or 021 624 170.