Horizon Energy first-half profit drops 58% on regulated price curbs

Thu, 20 Nov 2014

By Suze Metherell Nov. 20 (BusinessDesk) - Horizon Energy Distribution, the Bay of Plenty lines company which exceeded its regulated price path in 2012, said first-half profit fell 58 percent as the Commerce Commission forced it to earn less. Profit fell to $1.8 million in the six months ended Sept. 30, from $4.2 million a year earlier, the Whakatane-based distributor said in a statement. Sales rose 27 percent to $57.4 million. The company expects full-year profit to fall 40 percent to $4.3 million, saying receipts received in 2014 would...

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