By Gavin Evans
Nov. 3 (Bloomberg) -- TrustPower Ltd., the operator of New Zealand's largest wind farm, said first-half profit rose 4 percent after rain late in the period increased power production from the company's dams.
Net income rose to NZ$66.8 million ($39 million) for the six months ended Sept. 30, from NZ$64.3 million a year earlier, the Tauranga-based company said in a statement to the stock exchange.
TrustPower operates dams and a wind farm to supplement power it buys from rivals to supply its customers. In June, it warned of a decline in full-year earnings after prices surged to a record as drought across much of the country drained the nation's hydro-electricity reserves and cut its own output.
``Combined generation production during the second quarter improved significantly compared with the prior quarter,'' Chairman Bruce Harker said in the statement today. About 210,000 tons of emission credits were also sold during the period.
TrustPower was unchanged at NZ$7.40 at 10:15 a.m. in Wellington.
Earnings before interest, tax, depreciation and movements in financial instruments rose 18 percent to NZ$136.7 million. The company increased its first-half dividend to 16 New Zealand cents and will pay a 10 cents special dividend in December, Harker said.
Debt as a share of total assets was 36 percent at Sept. 30, including NZ$50 million of bonds maturing Dec. 15. The company plans to this week offer NZ$100 million of 2015 bonds paying 8.4 percent, Harker said.
To contact the reporter on this story: Gavin Evans in Wellington at gavinevans@bloomberg.net
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