Pacific Hydro’s Earnings Up

Sustainable energy company Pacific Hydro Ltd. has posted a 37 percent rise in earnings for the last six months of 2001 and is predicting that full-year net profit will exceed last year’s total of $26.9 million (US$13.74 million.)

MELBOURNE, Australia 2002-02-27 [SolarAccess.com] Pacific Hydro reported a net profit of $22 million (US$11 million)for the six months to December 31, 2001, up from last year’s $16.02 million (US$8 million.) “The company is performing above budget and the directors expect the profit result for the year to exceed that achieved last year,” said Pacific Hydro managing director Jeff Harding. Pacific Hydro’s operating profit was $16.5 million (US$8.4 million,) up 78 percent from the previous corresponding period. Basic earnings per share increased by 31 percent to 17.2 cents per share, while the company’s net assets lifted to $175 million (US$90 million,) a jump of 28 percent. The earnings boost during the half was backed by the first-time profit contribution from Pacific Hydro’s 18 MW wind generation farm in Codrington, Victoria. While Pacific Hydro’s 50 percent-owned Philippines hydro project at Bakun River returned a strong result despite the impact of a typhoon in July. “We are pleased to demonstrate again the company’s strong position of maintaining profit growth while operating in an environmentally responsible and sustainable way,” said Harding
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