Vector tips slower growth in new electricity connections

New electricity connections in the past financial year numbered 15,959, up 1%, but they're expected to fall to about 12,000 in the current FY. (Image: NZME)

Ian Llewellyn

Tue, 27 Aug 2024

Vector Group has reported increased earnings for the past financial year but warned of slowing growth in electricity and gas connections.For the 12 months to the end of June, the lines company reported adjusted earnings for the group before interest, tax depreciation and amortisation for continuing operations up 14% to $365.2 million, with the group net profit after tax of $79.9m (down from $100m).The profit includes a $60m impairment on Vector’s gas network announced at the half-year results.Underlying profit excluding the impairment was...

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