Transpower announces half-year results

28 Feb 2020

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Transpower today released its financial results for the six months ending 31 December 2019.

Net profit after tax, before net changes in the fair value of financial instruments, was $105.2 million, in line with the previous period’s result of $105.3 million.
Transmission revenue declined 1.3% to $482.7 million (2018: $489.2 million) mainly due to pricing changes.
Operating expenses at $135.1 million, were down 5.7% ($8.2 million) compared to the previous period (2018: $143.3 million). Of this reduction $4.8 million is from the reclassification of operating costs resulting from the new accounting standard for leases.
Capital expenditure was $173.4 million, up 33 per cent from the same time last year (2018: $130.4 million) and in line with Transpower’s approved capital programme.
An interim dividend of 6 cents per share or $66.0 million has been declared, representing 40 per cent of the expected full-year dividend forecast in Transpower’s 2019/20 Statement of Corporate Intent.

For further information, please contact:

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