WEL Group have released its interim Unaudited Financial Results for the six months to 30 September 2019, announcing a profit after tax of $21 million.
“The Group achieved a strong result due to continued strong urban development in the Waikato region, for the electricity network, and customer growth across the fibre network," Group Chairman, Rob Campbell says.
Group highlights include:
- Revenue of $115 million, ahead of the prior year by $5 million predominately relating to continued growth in the number of customers accessing and utilising the electricity and fibre networks and strong urban development via third party contributions.
- Total net debt of the Group was $584 million, an increase of $42 million from March 2019, with borrowings relating to the focus on completion of the UFB2 and UFB2+ fibre network build program.
- Total assets of $1.3 billion, an increase of $57 million from March 2019.
- Profit after tax before other comprehensive income of $21 million, which is flat from the 30 September 2018 result.
A full copy of the interim report is available here
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