Vector Network News

Vector Network News

VECTOR HALF YEAR PROFIT

HIGHLIGHTS:

- Revenue rises 5.0% to reach $669.4 million; energy demand subdued.

- Net profit rises 10.8% to $118.0 million as costs contained and growth in technology operation continues.

- EBITDA[1] rises 3.9% to $336.3 million.

- Interim dividend rises 0.25 cents to 7.25 cents per share.

New Zealand’s leading integrated energy infrastructure company, Vector Limited has announced an improved result for the six months to 31 December, despite the soft economy, as we benefited from growth across most of our businesses, continuation of legacy pricing on our Kapuni gas entitlements and a tight control on costs.

The Board has resolved to pay a fully-imputed interim dividend of 7.25 cents per share for the year, up from last year’s 7.0 cents per share interim dividend.

NETWORK SUMMARY for week ending 24 February 2013

ELECTRICITY

Our electrical response crews attended five car v poles during the week; one turned out to be a car v car. Crews also attended a car v pillar in Otara, where they replaced the pillar and restored power to the area.

The very hot weather continued with the result that there were a number of fires across Auckland during the week. Crews attended six house fires, two pillar fires and one suspected transformer fire in Shelley Park that was actually a grass fire behind the cabinet.

There were also three cases of lines down (one caused by a small yacht at a road crossing), the others caused by car v poles. Crews repaired the damage and restored the power.

GAS TRANSMISSION AND DISTRIBUTION

There were six third party strikes on our network last week including a factory that was evacuated in Onehunga. Repairs were made and safe reading allowed people to enter the building again.

Please take care around our gas network and call 0508 B4 U WORK (248 967) or 0800 B4 U DIG if outside Auckland.

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