Record profit for Powerco
Powerco Limited has delivered a record after-tax profit of$18millionfortheyearto31 March 1997,exceedingits forecasts and placing the company among the top five electricity d.istributors in New Zealand in earnings. The final result was achieved from revenue of $127m with increased demand and improved operating efficiencies contributing to the company's overall performance. The Powerco Board has declared a fully imputed final dividend of $7.8 million, or 15c per share, payable on 8 August 1997 to all shareholders who are on the register at the close of business on 25 July 1997. The total dividend for the year of 28c per share represents 81% of the company's after-tax profits. Chairman Barry Upson says the record result is due in large part to the ongoing benefits of the 1995 merger between Powerco and Taranaki Energy, that have translated into annual cost savings in excess of $3.5 million. Powerco has made public its intention to buy up other power companies, such as Egmont Electricity, to increase its customer base, "to maximise shareholder returns, operating efficiencies and customer service."
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Ruapehu Bulletin, Volume 14, Issue 688, 27 May 1997, Page 7
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176Record profit for Powerco Ruapehu Bulletin, Volume 14, Issue 688, 27 May 1997, Page 7
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