Horizon Energy cuts guidance on regulation, acquisition; Mainzeal losses still to come

Sun, 10 Feb 2013

Feb. 11 (BusinessDesk) - Eastern Bay of Plenty electricity lines company Horizon Energy has sliced its forecast earnings by a fifth on the cost of regulation and last year's Aquaheat acquisition, and signalled there may be more to come due to its exposure to the collapse of Mainzeal Property and Construction. The Whakatane-based company expects to post net profit of $3.4 million in the year ending March 31, down from a previous forecast of $4.3 million, Horizon said in a statement. That's down from earnings of $6.4 million a year earlier. Th...

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