Mild weather trims Orion's full-year profit

Mon, 01 Jul 2019

By Gavin Evans July 1 (BusinessDesk) - Orion New Zealand, the country’s third-largest power distributor, says full-year profit was about $2.5 million lower than target due to mild weather and a tough year for the firm’s Connetics contracting arm. The company, owned by the Christchurch city and Selwyn district councils, reported a net profit of $47.8 million for the year ended March 31, from $53.3 million the year before. Earnings before interest and tax fell to $80.6 million from $84.1 million. Revenue increased 1 percent to $325.6 millio...

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