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Vector customers, new connections rise in year to June


Vector says electricity customers, new connections rise in year to June

By Rebecca Howard

July 21 (BusinessDesk) - Vector, the Auckland-based electricity and gas distributor, lifted its electricity and gas distribution customers as well as its natural gas sales in the year ended June 30 and installed more smart meters.

The company, which is due to report its full-year result on Aug. 24, said its electricity customers rose 0.9 percent to 555,100 in the 12 months as the number of new connections rose 7.2 percent to 9,138. Its gas distribution customers rose 2.3 percent to 106,670 and its natural gas sales - excluding gas sold as gas liquids - rose 6.6 percent to 17.8 petajoules.

Smart meters numbered 1.28 million as of June 30, up 13.7 percent on the year. The number of smart meters includes 102,808 managed but not owned by Vector, it said.

In February, Vector reported a 7 percent increase in first-half profit to $107 million and affirmed annual guidance for adjusted earnings before interest, tax, depreciation and amortisation to be broadly in line with the 2016 result of $473 million.

The shares last traded at $3.35 and have gained 4.3 percent over the past year.

(BusinessDesk)

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