Horizon Energy Distribution Ltd is forecasting a lower annual profit after releasing a reduced interim profit.The listed electricity distribution company reported a net profit after tax of $2.55 million for the six months ended September 30, down from $3.
Horizon Energy Distribution Ltd is forecasting a lower annual profit after releasing a reduced interim profit.
The listed electricity distribution company reported a net profit after tax of $2.55 million for the six months ended September 30, down from $3.83 million last year.
The Whakatane-based company is forecasting an annual profit of around $5.5m, which is down from $5.9m last year. Last year's result included $312,875 of post tax gains from the value of interest rate derivatives.
This year's interim result included a $657,411 post tax loss on interest rate derivatives and unbudgeted legal costs when the company defended itself against a hostile takeover offer from Marlborough Lines Ltd.
The company declared a seven cent a share interim dividend payable on December 16.
Eastern Bay Energy Trust owns 77 percent of Horizon Energy.
