Christchurch-based electricity company Orion has posted $54 million after tax profit.
It's been boosted largely by a $21 million insurance payout.
Chairman Craig Boyce is warning he doesn't expect the company to repeat that result in the near future.
He says there won't be any more big insurance payouts and huge costs are yet to come in from post-quake repairs.
Mr Boyce says Orion's customer base has shrunk, revenue is down, and it's likely stay down for several years.
He says he'll be asking for rules to be relaxed so the company can increase its prices to help with rebuild costs.