Vector posts 26% drop in 1H net profit but reiterates full-year guidance

Tue, 27 Feb 2018

By Rebecca Howard Feb. 28 (BusinessDesk) - Vector, the Auckland-based electricity and gas distributor, posted a 26 percent drop in first-half profit but reiterated its full-year guidance despite slower-than-expected growth in its technology business. Profit fell to $79 million in the six months ended Dec. 31 from $107.1 million a year earlier, Auckland-based Vector said in a statement. The prior year was bolstered by a one-time $18.8 million gain after a Court of Appeal ruling on a tax claim. Higher depreciation and amortisation costs al...

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