KEY POINTS:
Metering company Pulse Utilities has reported an annual loss of $3.32 million.
The results to March included amortisation and depreciation of $1.9 million.
Total sales were $139,238 as the company began retail trading in May last year.
Pulse said its earnings correlated directly to installations for which it received a fixed daily fee. Its profit came from managing customers and billing using its smart meter technology.
The company launched retail services in Auckland and Wellington in April, and in October merged with one of Tasman Capital's special purpose vehicles in exchange for a partial underwrite of Pulse's NZAX listing in December.
Its directors had commissioned an independent review of the value of its Australian marketing and intellectual property rights which it bought in November last year.
The board said Pulse was positioned to meet all projected customer number targets but was mindful of weak economic conditions in regard to raising finance and very high wholesale electricity prices.
It is still aiming to make 61,000 installations and $124 million in revenue by 2013.