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Whakatane-based electricity lines company Horizon Energy posted a 2 per cent fall in annual profit, slowing the previous year's 30 per cent decline, but warned costs would eat into the current year's result.
Horizon chairman Colin Holmes said net profit for the year ended March of $5.2 million, slightly higher than forecast, was pleasing in a challenging year. "We experienced severe snow storms in Ruatahuna in 2006 which resulted in repair costs significantly impacting on profitability," he said. "We also faced constrained electricity distribution revenue and increased costs associated with the regulatory control regimes.
Horizon Energy shares were unchanged at $3.80. The company is paying a fully imputed final dividend of 9c per share, on June 29.
