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Horizon Post Unaudited $4.6 million Profit

Preliminary Announcement For The Half Year Ended 30 September 1999

Horizon Energy Distribution Limited today reported an unaudited tax paid profit of $4.36million for the September half year. This compares with $2.51million for the corresponding period last year. The profit was achieved on total income of $15.26million.

Net assets of the Company at 30 September 1999 stand at $131.47million with term loans of $16million.

The result includes pre-tax interest earnings of $2.03 million received on the proceeds of the sale of the Company's generation and energy businesses on 31 March 1999 and tax-paid profit of $0.74million on the sale of other assets.

The financial statements do not include the payment of $101.5million return of capital made to shareholders in October.

Chairman, Colin Holmes, said the profit was a pleasing result following the restructuring of the Company into a lines business. He said the Company was no longer influenced by the volatility of the wholesale electricity market and said he expected a continuing strong performance for the rest of the financial year.

Mr Holmes said that because of the change of balance date to 31 December, the Company was not proposing to pay an interim dividend but expected to pay a final dividend to shareholders in April 2000.




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