WEL Networks Limited (the ‘Group’) has released its Audited Financial Results for the twelve months to 31 March 2019, announcing a profit after tax of $31 million.
Group Chair, Rob Campbell says the Group achieved a positive operating result for the period, with increased revenue from the prior year due to higher commercial lines consumption, customer growth across the fibre network and continued strong urban development in the Waikato region.
Group financial highlights include:
- Revenue of $211 million, ahead of the prior year by $35 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 $542 million, an increase of $65 million from March 2018, with borrowings relating to the continued UFB2 and UFB2+ fibre network build program during the 2019 financial year.
- Total assets of $1.2 billion, an increase of $91 million from March 2018.
- Profit after tax of $31 million, an increase of $18 million from the 31 March 2018 result.
During the year WEL Networks announced it had reduced residential lines charges by $6 million providing an average saving of $77 to residents, with an additional average reduction of $70 forecast for the year ahead.
The reduced tariffs and increased community investment follow the end of the electricity discount programme in 2018, and complement a move to increase investment into the community via our shareholders, WEL Energy Trust.
"We’re working towards creating an innovative energy future, which includes constantly reviewing how we can deliver cheaper energy prices and provide greater returns to our customers."
For more information
WEL Group Chair