25 Aug 2009

Vector full-year profit doubles

5:31 pm on 25 August 2009

Vector's full-year profit has risen in response to customers using more electricity and gas and the company cutting $20 million from its bottom line.

New Zealand's biggest electricity and gas distributor's profit more than doubled to $370.5 million in the year to June, bolstered by the sale of its Wellington electricity network.

Excluding that gain, Vector's profit rose 16% to $164.9 million.

The company declared an increased dividend of 13.5 cents for the year, up 0.5c on last year.