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)

Fri, 25 Aug 2023

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...

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