Business

Trustpower drops its profit guidance on flat revenue

11:20 am on 10 April 2019

Trustpower has dropped its profit guidance on flat revenue growth, with below average generation volumes.

Trustpower's revised underlying profit guidance for the year is expected to be in a range of $220 million and $226m. Photo: Twitter: @Trustpower

The Tauranga-based power generator expected the underlying profit for the year just ended in March to be in a range of $220 million and $226m.

The previous guidance was between $215m and $235m six months ago and down from last year's $267m.

It expected the current year's underlying profit to drop further to between $205m and $225m.

The company said fourth quarter long-run generation volumes were below average.

It said third quarter volumes were also down 26 percent on the year earlier, which had higher-than-usual volumes.