WEL Networks Limited Half Year 2019 Interim Results

News
28 Nov 2018

Unaudited Financial Results for the six months to 30 September 2018

The Group results for the six months ended 30 September 2018 have been released today. The Group achieved a positive operating result, increased from prior year due to higher commercial lines consumption, continued strong urban development in the Waikato region and customer growth across the fibre network.

Group highlights include:

  • Revenue of $109 million, ahead of prior year by $19 million predominately relating to strong urban development via third party contributions, increased utilisation of our electricity network and stronger uptake of fibre network access services.
  • Total net debt of the Group was $513 million, an increase of $36 million from March 2018, with borrowings relating to the completion of the UFB2 fibre network build program.
  • Total assets of $1.1 billion, an increase of $46 million from March 2018.
  • Profit after tax of $21 million, an increase of $11 million from the 30 September 2017 result.

ENDS

For further information

Sue Tindal
WEL Group Chief Financial Officer
sue.tindal@wel.co.nz
+64 21 196 1095