Tauranga based power company, TrustPower, has announced a profit increase of 14 per cent for the year ending March 31.
TrustPower's consolidated profits increased to $119.4 million for the year ending March 31, an increase from $105.1 million the previous year.

TrustPower's annual financials show profit up 14 per cent for the year ending March 31.

TrustPower spokesman Graeme Purchase says the company is very happy with the results, which is also good for the Tauranga community.
"TrustPower is 30 per cent owned by the Tauranga Energy Consumer Trust. So that means a third of our profits coming in go straight back to the community."
While TrustPower's annual profit increased, its results from the second half of the last financial year were less optimistic.
In the six months to March 31, 2010, the company's profits decreased three per cent.
Graeme says this was largely because of low wholesale prices.