Wellington Electricity extends unbroken run of losses under Hong Kong ownership

Sun, 26 Mar 2017

By Jonathan Underhill March 27 (BusinessDesk) - Wellington Electricity Distribution Network has extended its run of losses since the utility was acquired by Hong Kong billionaire Li Ka-shing in 2008, although the 2016 result was the smallest loss to date. The company reported a loss of $1.9 million in calendar 2016, down from a loss of $3.9 million a year earlier, the Wellington-based company's annual accounts show. Sales climbed to $180 million from $174 million but earnings were wiped out by depreciation on its distribution lines and in...

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