Electricity generator and retailer Trustpower has reported a 69 percent drop in its full-year net profit, and earnings down compared with a year ago.
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Its net profit for the year was lower at $30.7 million, however, the company saw growth in underlying earnings with the main driver being the retail business which increased 33 percent.
Underlying profit, which excluded one-time items, rose 7 percent to $200.2m.
Generation earnings were flat after a lengthy dry spell across much of New Zealand reduced hydro generation.
Revenue fell 4 percent to $952.8m.
"Trustpower's balanced portfolio of geographically dispersed assets, an ongoing commitment to asset enhancement, and astute placement of product to market has seen us recover from a reduced half-year result to end the year in line with last year," Trustpower chief executive David Prentice said.
The company was considering selling its retail business and revealed it was in discussions with a number of interested parties but provided little by way of an update in its results announcement, except to say the process was ongoing.
However, Trustpower chair Paul Ridley-Smith said the strong performance of both sides of the businesses supported the idea of exploring a sale.
"We firmly believe in the growth potential of both the generation and retail businesses.
"These results confirm that both generation and retail are sound operations that could thrive independently of each other," Ridley-Smith said.
