KEY POINTS:
Whakatane-based lines company Horizon Energy Ltd said today half year net profit fell 11 per cent to $2.8 million, but it expected to meet forecasts of annual net profit around $5m.
The profit, on a 3.5 per cent increase in revenue to $14.6m, compared with a $3.1m surplus a year earlier which included higher income from construction works, chairman Colin Holmes said.
Directors were pleased with the result for the six months ended September 30, given difficult operating conditions and costs as a result of snow storms in remote Ruatahuna, in the Urewera National Park.
The company declared an interim dividend of 10c per share.
Shares in Horizon closed steady at $3.90, having traded between $3.80 and $4.45 during the last year.
- NZPA
