27 Aug 2011

Vector profit up

7:31 pm on 27 August 2011

Growth in electricity volumes, a doubling of smart meter installations and a strategic deal with Transpower underpinned a 4% rise in profit for Vector.

The biggest electricity and gas distributor in New Zealand made $201 million in the year to the end of June, compared with $193 million a year earlier.

That includes a $30 million one-off gain involving a tunnel project with TransPower.

However, underlying net profit slipped 0.8% to $171 million.

More than 4000 new electricity and gas customers were gained during the year.