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Trustpower earnings near top of guidance

NZN 13/04/2017 Paul McBeth

Trustpower, the electricity generator-retailer which spun out its wind development into the separately listed Tilt Renewables, says earnings were at the top end of guidance after strong generation, especially in Australia.

The Tauranga-based company's earnings before interest, tax, depreciation, amortisation and financial instruments were at the top of the forecast range of $215 million-to-$235 million in the year ended March 31, it said in a statement.

That was due to "strong generation production, particularly in Australia", it said.

That's down from $332.9m when Tilt was still part of the group.

Trustpower's quarterly metrics show electricity and gas connections were relatively stable at 276,000 and 33,000 for the year, with the volume of sales largely flat.

However, total New Zealand generation grew 24 per cent to 2017 gigawatt hours and Australian generation climbed 41 per cent to 359 GWh.

In February, Trustpower said it expected a small increase in earnings from its acquisition of King Country Energy, offsetting the cost of demerging Tilt.

Trustpower shares rose 1.1 per cent to $4.68 and have slipped 2.3 per cent so far this year.

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