NZ's Trustpower year profit up 7 percent

WELLINGTON, May 15 (Reuters) - New Zealand's second biggest listed electricity company, TrustPower Ltd (TPW.NZ), on Friday reported a 7 percent rise in full year net profit.

The company said net profit after tax was NZ$105.1 million ($63 million) for the year to March 31, compared with NZ$98.1 million in the year to March 2008.

TrustPower, which both generates and sells electricity, said underlying profit for the year was NZ$118.8 million, up 28.3 percent.

Shares in TrustPower, half owned by utilities investor Infratil (IFT.NZ), last traded steady at NZ$7.56 in an overall broader market .NZ50. So far this year the stock has gained 2.2 percent against a 3.2 percent gain for the benchmark NZSX-50 index. ($1=NZ$1.68)