Trustpower Reports In Line FY19 Result; FVE Up 3%
Narrow-moat Trustpower finished the 2019 fiscal year broadly in line with expectations. Underlying net profit after tax, or NPAT, was down 24% from the previous corresponding period, or pcp, to NZD 103 million; while EBITDA fell 9% to NZD 222 million. Both were 1% below our forecasts. Positively, the retail division continues to grow, with adjusted EBITDA up 3% mainly on higher electricity margins. However, generation volumes fell from stellar fiscal 2018 levels because of lower rainfall, causin...Trustpower is an electric power generation and retail group based in New Zealand. Co. and its subsidiaries are engaged in the development, ownership and operation of electricity generation facilities from renewable energy sources and the retail sale of electricity and telecommunications services to its customers. Co. owns and maintains 36 small to medium size Hydro Generating Stations and two Wind Farms, with a further Wind Farm in South Australia. Co. is engaged in the production of electricity from renewable sources and its power stations produce enough electricity for around 220,000 New Zealand households.
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