Chairman Lindsay Malcolm said the year had been dominated by a strong growth in earnings from the increased use of electricity in the company's operating area.
At the same time, management had been able to hold distribution costs in line with budgetary estimates.
The resulting profit levels attained had allowed an increased consumer discount of $1,755,438 which, when deducted from already modest line charges, provided consumers with some of the lowest charges in the country, Mr Malcolm said.
In recent years, the amount of capital expenditure required annually had been maintained at high levels. Essentially, it was being used to develop, strengthen and increase the capacity of the network system as well as for normal renewal purposes.
The demands of a growing domestic economy, the installation of both community-wide and smaller-scale irrigation schemes along with major industrial potential, meant it was imperative Network Waitaki completed its infrastructural planning well before it was needed, he said.
Discussions were being held with Transpower to clear a path for future long-term delivery of the community's electrical requirements.
Next year's capital expenditure requirement, which would exceed $6 million, would be financed internally without the need for borrowing.
Company reserves were at a strong level and meant the required work could be completed without placing strain on consumers, Mr Malcolm said.
