13 May 2021

Tilt Renewables' full year profit falls

11:21 am on 13 May 2021

Power company Tilt Renewables has posted a lower full year profit reflecting the sale of an asset.

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Photo: 123RF

The soon-to-be-taken over company reported a net profit of $A66.9 million.

The previous year's profit of $A474.8m had included $A486m gain from the sale of an Australian windfarm.

The company has nine producing windfarms on both sides of the Tasman, with revenue up 18 percent on a year ago at $A128m.

It is due to be split up following the conclusion of a $3 billion takeover by a consortium involving two Australian companies and New Zealand's Mercury Energy.

Under the terms of the deal Mercury will pay close to $800m for Tilt's New Zealand assets, with the Australian companies buying the assets in their country.