Horizon profit steady

Horizon Energy Distribution reported a net profit after tax of $3.83 million for the six months to September 30, little changed from the $3.8 million in the same period last year. Revenue was $15.98 million, down from $17.24 million last year. The surplus before tax was $5.35 million from $5.29 million last year. A fully imputed interim dividend of 8c a share will be paid on December 7. Last year's result included a one-off $1 million arbitration award, partly offset by $500,000 of losses in the value of interest rate derivatives. During the period majority shareholder Eastern Bay Energy Trust, which holds 77.29 per cent of the shares, rejected a partial takeover offer from Marlborough Lines. On September 28, Horizon Energy announced an increased annual profit forecast of $6 million and chairman Rob Tait said that remained unchanged.