FIRST CUT: Vector first-half profit rises 7% on sales growth, one-time gain

Thu, 23 Feb 2017

Feb. 24 (BusinessDesk) - Vector, the Auckland-based electricity and gas distributor, posted a 7 percent gain in first-half profit, driven by stronger sales, lower finance costs and a one-time gain after a Court of Appeal ruling on a tax claim. Profit rose to $107 million in the six months ended Dec. 31 from $100 million year earlier, Vector said in a statement. Sales rose to $626 million from $591 million. Vector's earnings included a $15 million gain as a result of a Court of Appeal judgment in its favour in a dispute with the Inland Rev...

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