1 Nov 2011

TrustPower half-year profit soars

11:30 am on 1 November 2011

New Zealand's second largest listed power company, TrustPower, has reported an 18% rise in underlying first-half profit.

The company made $75.6 million in the six months to the end of September, compared with $63.8 million the year before.

TrustPower says it generated more electricity, and prices were higher.

The company is attributing its loss of 3000 customers over the past six months to the Electricity Authority's successful "What's Your Number?" campaign.

Across the industry, 40,000 customers a month have been changing power providers - a churn rate of 30%.

TrustPower chief executive Vince Hawksworth says competition has been intense but the company has fought hard to retain customers.

He says he expects the company to perform just as well in the second half.

Shares in the company, which declared a 20c-a-share dividend, rose 8c to $7.25 on Monday.