27 Aug 2010

Profit up by 17% at Vector

9:39 pm on 27 August 2010

Vector has increased its full year profit by 17% to $193.5 million.

Revenues at the country's largest electricity and gas distributor, which is 75% owned by the Auckland Energy Consumer Trust, rose 1.1% to $1.19 billion.

Growth in its electricity, gas transportation and technology businesses was offset by a decline in wholesale gas and shared services.

Underlying profit, which excludes tax changes, was up 4.7% to $172.6 million, compared to a year ago.

Chief executive Simon Mackenzie says the result is pleasing considering the economic conditions.

Vector shares were up 4 cents to $2.12 by the close of trade on Friday.