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Electricity and gas distributor Vector says it is on track to achieve the upper end of analysts' full year forecasts for its earnings before interest, tax, depreciation and amortisation (ebitda).
Reuters puts the mean ebitda estimate for Vector in the year to next June at $625.8 million, compared to $610m for the year to June 2007.
Following a review of its reporting programme, Vector has decided not to continue with quarterly financial reporting.
It said that it would instead be adopting the practice of some other listed companies of key operational reporting for the first and third quarters.
Vector said its ebitda outlook took into account gains from cost efficiency initiatives.
Gains from that programme had already been realised, with further benefits to come through this financial year and next.
The programme centred on indirect and controllable costs, as the nature of its business meant it would continue to incur high fixed costs, it said.
Its performance in the three months to September 30 included a 0.23 per cent increase, to 2985.9 gigawatt hours, in electricity delivered to customers through Vector's greater Auckland and Wellington networks.
That was due to a 1.3 per cent increase in customer connections, compared to the corresponding period last year.
For the first six months of the regulatory year, which started on April 1, the company was tracking within the System Average Interruption Duration Index (SAIDI) threshold for disruptions from normal operations, it said.
Severe effects on its networks from the hurricane-strength storm in the upper North Island in July had resulted in a significant increase in the SAIDI measure arising from extreme events, measured using Vector's methodology.
Gas volumes transported though the transmission system were 11.5 per cent higher at 30.1 petajoules (PJ) due mainly to fixed contract deliveries for electricity generation.
Gas distribution throughput was 3 per cent lower at 6.4PJ due to the loss of a large wood processing customer this financial year, offsetting new load from connection growth.
Total natural gas sales volumes of 14.9 PJ were 2.6 per cent below the previous corresponding period. An increase in gas sales to electricity generators was offset by the ending of short-term, one-off sales contracts with petrochemical producers as well as slightly lower sales volumes to industrial and commercial customers.
Total gas liquids -- LPG and natural petrol -- sales volumes declined by 3.1 per cent to 30,421 tonnes. A 3.7 per cent increase in OnGas cylinder and bulk LPG sales volumes was offset by lower LPG and natural petrol sales from the Kapuni gas treatment plant as a result of reduced gas availability from th at field.
Vector shares were up 3c in mid-morning trade today to $2.30, having ranged between $3 and $2.18 in the past year.
- NZPA
