Sharechat Logo

Horizon Energy settles dispute, adding to 2009 profit

Thursday 4th September 2008

Text too small?
Horizon Energy Distribution, which operates a power network in the eastern Bay of Plenty, said it has settled the final value of a dispute with a supplier, adding to profit this year.

The value of the settlement, including costs, is NZ$1.5 million before tax, the company said in a statement. That will lift profit this year to between NZ$5.7 million and NZ$6 million.

The company earned NZ$5.5 million in the year ended March 31, down from NZ$6.3 million in the previous year, even after a one-time gain from changes to adopt IFRS accounting.

Horizon is 77% owned by the Eastern Bay Energy Trust, with the balance of its shares trading on the NZX. The shares have gained 16% in the past month, while Contact Energy, the biggest utility of the exchange, fell 1%.

By Jonathan Underhill

  General Finance Advertising    

Comments from our readers

No comments yet

Add your comment:
Your name:
Your email:
Not displayed to the public
Comments to Sharechat go through an approval process. Comments which are defamatory, abusive or in some way deemed inappropriate will not be approved. It is allowable to use some form of non-de-plume for your name, however we recommend real email addresses are used. Comments from free email addresses such as Gmail, Yahoo, Hotmail, etc may not be approved.

Related News:

Horizon Energy acquires 3 businesses for $5.25 million
Horizon Energy blames takeover costs for profit downgrade
Marlborough Lines seeks to lift Horizon stake
Marlborough Lines close to 10% target in Horizon
New twist in Horizon takeover saga as panel investigates directors
Eastern Bay Energy Trust seeks court ruling on deed, halts Horizon takeover
Full takeover bid for Horizon as interest mounts
Horizon Energy shareholders advised to reject takeover offer
Marlborough Lines makes bid for control of Horizon at 34% premium
Two listed lines companies make the grade