KEY POINTS:
Energy networks company Vector Ltd today announced a 13.9 per cent rise in after-tax surplus of $41.4 million for the three months to September 30.
The net surplus excluding amortisation was 13 per cent higher at $68.1 million, compared to the same period in 2005, the company said today.
In August, the Commerce Commission announced its intention to declare control of Vector, finding the company was overcharging industrial and commercial customers and undercharging others, particularly Auckland residential consumers.
Vector voluntarily offered to rebalance its price regime as part of an administrative settlement offer presented to the commission as an alternative to regulatory control.
Mr Stiassny today said Vector remained hopeful the administrative settlement offer now before the commission would lead to the resolution of current regulatory hurdles to allow the company pursue new opportunities.
- NZPA
