Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 

Horizon Energy Distribution Half Year Ended 30 Sep

Preliminary Announcement
For Half Year Ended 30 September 2000
And Revised Dividend Policy


Horizon Energy Distribution Limited today reported an unaudited tax paid profit of $2.39million for the September half year. The profit was achieved on total income of $12.34million. Net assets of the Company at 30 September 2000 stood at $28.63million, after term loans of $35.25million.

The profit is $1.97million lower than the $4.36million reported for the 1999 half year, but last year’s results included abnormally high interest earnings on the proceeds of the sale of the Company’s generation and energy businesses, and proceeds from the sale of surplus assets.

Company Chairman, Colin Holmes, said operating revenue of $12.34million for the period was slightly ahead of Directors’ expectations and reflected the ongoing steady cash flows of a lines business. He said he was confident of achieving a year end result in excess of $4million.

The Directors have approved a fully imputed interim dividend of 40 cents per share. The dividend will be payable on 20 December 2000 to shareholders on the Company’s register at 15 December. The dividend payout represents 83.5% of the tax paid profit.

Mr Holmes said Directors had approved a new dividend policy and in future intended paying shareholders between 70% and 100% of annual net profit after tax. He said a review of the Company’s underlying business and financial risk profile, and of its future capital requirements had enabled the revised policy to be adopted. He said he expected the planned implementation of the joint venture with Eastland Network Limited would allow the new policy to be sustained in the foreseeable future.


JOHAN BANKERS
General Manager


Contacts: Johan Bankers Colin Holmes
General Manager Chairman
Telephone No: (07) 307 2804 Telephone No: (07) 366 4850


© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 

Manawatu-Whanganui Projects: PGF Top-Up To Rural Broadband Roll-Out

The government has effectively raided the $3 billion Provincial Growth Fund to top up the budget for the second phase of its rural broadband initiative, filling in mobile 'black spots' and ensuring broadband is available to marae that don't have access now. More>>

ALSO:

Other Windy Cities: Auckland-Chicago Named A Top 10 ‘Most Exciting’ New Route

The inclusion of Auckland-Chicago on Lonely Planet’s Where to fly in 2019? The 10 most exciting new flight routes list comes just two weeks before Air New Zealand prepares to celebrate its inaugural flight to Chicago’s O’Hare International Airport on 30 November. More>>

Deadly Strain: ESR Ups Its Reporting On Meningococcal Disease

The increasing number of cases of Group W Meningococcal disease (MenW) has prompted ESR to increase its reporting on the disease to the Ministry of Health. ESR has upped its reporting to weekly. More>>

ALSO:

Very Small Things: "Game-Changing" 3D Printing Technology Launched

New Zealand microfabrication researchers Andrea Bubendorfer and Andrew Best, the co-inventors of a new way of fabricating very small things with Laminated Resin Printing (LRP), are part of Callaghan Innovation’s MicroMaker3D team launching the new patent pending technology in the US this week. More>>

ALSO: