Horizon Energy trims profit forecast by $2.9M on Mainzeal receivership

Thu, 14 Feb 2013

Feb. 15 (BusinessDesk) - Eastern Bay of Plenty lines company Horizon Energy has cut its annual profit forecast by $2.9 million on its exposure to the collapse of Mainzeal Property and Construction, just four days after trimming its guidance. The Whakatane-based company expects net profit of $500,000 in the year ending March 31, down from an earlier forecast of $3.4 million. Horizon is owed $4 million through Aquaheat as a sub-contractor to Mainzeal, arising from retentions on past and current contracts. "This quantum of the loss suffered b...

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