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NZ's Vector year profit down 29.5 percent

Tue Aug 26, 2008 6:13pm EDT

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WELLINGTON, Aug 27 (Reuters) - New Zealand's biggest electricity and gas distributor Vector Ltd. (VCT.NZ) on Wednesday reported a 29.5 percent fall in full year profit.

Vector said net profit was NZ$164.4 million ($114 million) for the year ended June 30, compared with a restated profit of NZ$233.3 million a year earlier.

In April the company said it would sell its Wellington electricity network to Hong Kong's Cheung Kong Infrastructure (1038.HK) for NZ$785 million.

In early June Vector said it was comfortable with analysts forecast of a full year profit of NZ$150 million-NZ$165 million.

Vector declared a final dividend of 6.75 cents per share, compared with 6.5 cents per share last year.

Its shares, 75 percent held by an Auckland-based consumer energy trust, closed on Tuesday at NZ$2.30. The stock has gained around 3.1 percent so far this year, compared with an 18 percent drop in the benchmark NZX-50 index .NZ50. ($1=NZ$1.44)



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