By Rebecca Howard
WELLINGTON, New Zealand--New Zealand-based lines network and gas distributor Vector Ltd. (VCT.NZ) Friday reported a sharply lower net profit as price resets to regulated energy networks weigh on revenue.
In the year to June 30, revenue fell 1.6% to 1.3 billion New Zealand dollars (US$1.1 billion) while net profit fell 16.9% to NZ$171.3 million. "The regulated price reductions on our energy networks were responsible for most of the fall," the company said in a statement.
Vector said the current financial year will be challenging, with regulatory pricing adjustments relating to prior periods and an expected continued decline in per-capita electricity usage offsetting the growth in connection rates. However, at this stage, "we are comfortable with consensus estimates for adjusted Ebitda of NZ$588.2 million for the 2015 financial year."
Adjusted Ebitda in the year to June 2014 was NZ$580.7 million.
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(END) Dow Jones Newswires
August 21, 2014 18:01 ET (22:01 GMT)
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