Part-sale of metering business gives Vector a $1.72b profit windfall

Part-sale of metering business gives Vector a $1.72b profit windfall
Most of the damage to Vector’s network was caused by vegetation. (Image: Vector)
Staff reporters
Vector reported a huge $1.72 billion net profit for the June 2023 financial year, thanks to a one-off windfall from the sale of half its metering business. In June, the lines and infrastructure group confirmed the sale of a 50% interest in Vector Metering to Australian investment manager QIC Private Capital  (QIC) for $1.51b.  It will use the sale proceeds to retire debt.Vector’s continuing operations delivered a net profit of $112.6m, exclusive of the metering business. Earnings before interest, tax, depreci...

More Markets

Steven Joyce to chair NZME
Markets

Steven Joyce to chair NZME

Tech expert Bowen Pan will also join, later on. 

NZME set to take on Trade Me for car sales
Markets

NZME set to take on Trade Me for car sales

Publicly listed NZME, owner of the NZ Herald and BusinessDesk, says it is exploring a new automotive digital classifieds platform, in a clear bid to take on Trade Me.Seeking to emulate the success of its property platform OneRoof, NZME said on Friday it had signed a memorandum of...

Bremworth getting back into synthetics
Primary Sector

Bremworth getting back into synthetics

Albeit in a small, but carefully curated, number of products.

Methanex deal latest co-operative move for energy security
Markets

Methanex deal latest co-operative move for energy security

Sector facing regulatory threats and energy shortfall is banding together.