NGC's profit falls 43 per cent

12.40pm

Listed gas company NGC Holdings today posted a full year net profit of $84.5 million, down 43 per cent from the $148 million posted the previous year.

The previous year's profit included a one-off gain of $78.9 million from the sale of generation assets.

NGC will pay a fully imputed dividend of 10.5 cents per share on September 13. Earnings per share dell from 19.1 cents, to 14.5 cents.

Total operating revenue for the year was $455.7 million, down 26.5 per cent on the year-earlier.

Sales revenues fell from $619.7 million to $455.7 million, partly because of the sale of generation assets the year-earlier.

NGC's total natural gas sales fell around 19 per cent, due to lower sales for electricity generation, partly as a result of reduced Maui gas supply.

Chief executive, Phil James, said although the gas market was tight, gas transportation volumes were higher, with the LPG market growing 8 per cent.

In line with general LPG market growth, LPG produced and sold by NGC through its Kapuni gas treatment plant and On gas retail business grew 16 per cent to 80,756 tonnes.

NGC incurred unexpected costs of more than $2.6 million to repair its flood-damaged gas transmission pipeline over the Pohangina River in February.

- NZPA