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NZ's Vector says 2009 earnings to match expectations

Mon Jun 15, 2009 12:09am EDT

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WELLINGTON, June 15 (Reuters) - New Zealand's biggest electricity and gas distributor Vector Ltd (VCT.NZ) said on Monday that it expected full year operating earnings and profit to match or better market expectations.

It said despite challenging economic conditions it was cautiously optimistic that it would be "comfortably" in or above the range of most analysts' forecasts.

Analysts surveyed by Reuters Estimates expect earnings before interest, tax depreciation and amortisation (EBITDA) of NZ$573 million ($367 million) for the year to June 30, with a net profit of NZ$161 million.

The company reported an after tax profit of NZ$164 million in the year to June 2008. Shares in Vector, 75 percent-owned by an Auckland-based consumer electricity trust, last traded down 1 percent at NZ$2.03, in a broader market .NZ50 0.4 percent firmer. ($1=NZ$1.56)



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