Operating revenue increase to NZD338.38m
Transpower, which maintains the national electricity grid for New Zealand, has reported a net loss of NZD108.49m for the first six months ended December 31, 2008, compared to a net income of NZD51.09m for the same period of 2007.
The company has reported operating revenue of NZD338.38m for the first six months ended December 31, 2008, compared to NZD316.4m for the same period of 2007.
For the first six months of 2008, the company has reported earnings before interest, impairment, tax, depreciation, amortization and changes in the fair value of financial instruments of NZD196.24m, compared to NZD190.69m for the same period of 2007.
Major upgrade projects are in various stages of development or construction and represent a total investment of around $2 billion. Nationally, Transpower has a total of over $3.8 billion of capital expenditure planned over the next five years.
Wayne Brown, chairman of Transpower, said: Transpower recognizes that a robust and reliable grid is essential to the economy and our program of investment will address the deteriorating trend in reliability performance. While we are very pleased with the upgrade and new project work to date, we are conscious there is still a lot to do.