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Horizon sales ahead at half-year

By Phil Boeyen, ShareChat Business News Editor

Thursday 30th November 2000

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Electricity lines company Horizon Energy (NZSE: HED) has made a $2.39 million tax paid profit for the six months to the end of September.

The profit was achieved on total income of $12.34 million, and compares with $4.36 million last year.

However Horizon says last year's result included abnormally high interest earnings on the proceeds of the sale of the company's generation and energy businesses, and proceeds from the sale of surplus assets.

Chairman Colin Holmes says operating revenue was slightly ahead of expectations and reflected the ongoing steady cash flows of a lines business. He says he is confident of achieving a year end result in excess of $4 million.

The directors have approved a fully imputed interim dividend of 40 cents per share, with the total payout representing 83.5% of the tax paid profit.

Mr Holmes says directors had approved a new dividend policy and in future intended paying shareholders between 70% and 100% of annual net profit after tax.

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