Vector profit down on price cuts, reduced energy consumption

Thu, 21 Aug 2014

By Pattrick Smellie Aug. 22 (BusinessDesk) - Auckland electricity and gas network operator Vector saw net profit after tax fall 16.9 percent to $171.3 million in the year to June 30, as regulator-mandated cuts to its monopoly assets bit into revenues, along with lower consumption of both electricity and natural gas, reflecting consumer trends and less use of gas-fired power stations by electricity generators. Offsetting the downward trend in the regulated parts of its business were increased revenues and earnings contribution from its tec...

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