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King Country Energy reports $8.1m profit

NZN 15/06/2016 Edwin Mitson

King Country Energy, the Taumarunui-based power generator and retailer, says profit in the fifteen months to the end of March 2016 was $8.1 million, up from $3.8m in calendar 2014.

The company, which operates four hydro stations in the King Country and one in Manawatu, is now controlled by Trustpower, which built up a 65 per cent stake in the business over the summer. It is moving to a change of balance date of March 31 from Dec 31 to align with Trustpower.

The change of balance date makes comparing the result with prior years difficult, but earnings before interest, tax, depreciation, amortisation, fair value movement of financial instruments and asset impairments were $15.9m, compared to $12.5m in the prior reporting period.

"Our generation business experienced favourable conditions for hydrology and spot prices, particularly in the autumn and winter periods," KCE chairman Toby Stevenson said in a statement.

"The higher generation revenues for the reporting period offset the continuing pressure on retail margins and increased retail operating cost requirements."

A gross dividend of 15.8 cents per share is to be paid on June 30, taking total dividends for the 15 months to 31.75 cents.

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