Vector profits down on LPG goodwill loss

(Image: Getty)

Fri, 26 Aug 2022

Vector reported a 17.3% drop in net profit for the June 2022 financial year which it attributes to a $40.2 million goodwill impairment of its LPG business.The Auckland-based electricity and gas distributor reported adjusted earnings before interest, tax, depreciation, amortisation and changes for financial instruments (Ebitda) of $510.0m, down $3.5m from the 2021 financial year.The adjusted Ebitda for its regulated networks was $355.8m, up $5.1m from the prior year.Net profit for the group was $160.9m down 17.3% on the previous year’s $19...

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