FLLYR: HED: Horizon Energy Announces 2010 Full Year Result

28 May 2010 1:52 pm

HED 28/05/2010 FLLYR

REL: 1352 HRS Horizon Energy Distribution Limited

FLLYR: HED: Horizon Energy Announces 2010 Full Year Result

28 May 2010

Horizon Energy Announces 2010 Full Year Result

Electricity distribution company Horizon Energy Distribution Limited has announced an audited net profit after tax of $5.9 million for the year ended 31 March 2010. A fully imputed dividend of 9 cents per share will be paid on 29 June 2010 to shareholders on the register at 5:00pm on 15 June 2010.

The total dividend of 17 cents for the year, which includes the interim dividend of 8.0 cents per share paid in December 2009, represents 72% of tax paid profit for the year.

Chairman Rob Tait noted the Company's electricity distribution network performed well during the year and without any adverse weather events. The current year saw additional profits as a result of higher revenue due to a relatively cold winter, operational costs savings attributable to the use of the Company's subsidiary contracting business (Horizon) in undertaking works on Horizon's network and accounting for mark to market gains on the Company's interest rate derivatives arising from the increases in wholesale interest rates.

The current year saw the expansion of the Company's contracting business which continues to provide a range of services to both internal and external customers.

The underlying financial performance remained steady despite continued regulated revenue constraints. The Board and Management are confident of growing over time both the regulated and unregulated business of the Company.

For further details please contact:

Mr Ajay Anand CHIEF EXECUTIVE OFFICER Horizon Energy Distribution Limited +64 7 3062900

Mr Rob Tait CHAIRMAN Horizon Energy Distribution Limited +64 7 3062900

END End CA:00195503 For:HED Type:FLLYR Time:2010-05-28:13:52:16

More announcements for HED