NZ's Trustpower year net profit falls 4.2 percent
WELLINGTON, May 15 (Reuters) - New Zealand's second biggest listed electricity company TrustPower (TPW.NZ: Quote, Profile, Research, Stock Buzz) on Thursday reported a 4.2 percent fall in profits on lower generation.
The company said net profit after tax was NZ$98.1 million ($74.3 million) for the year to March 31, compared with NZ$102.4 million in the prior period.
TrustPower, which both generates and retails electricity, declared a dividend of 15 cents per share, compared with 14 cents a share last year.
Shares in TrustPower, half owned by utilities investor Infratil (IFT.NZ: Quote, Profile, Research, Stock Buzz), traded unchanged at NZ$8.20, having traded between NZ$6.95 and NZ$9.50 over the past year.
The company also said it would buy back up to five million of its own shares on market over the next six months. ($1=NZ$1.32)
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