Positive Result for Vector - 24 August 2004 Print

The Auckland Energy Consumer Trust (AECT), owners of network infrastructure company Vector, says the company’s end of year financial result clearly reflects the continuing success of its merger with UnitedNetworks.

Trust chairman Warren Kyd said it was extremely pleasing to see the company has increased its operational efficiencies while continuing to deliver a high quality service to consumers.

“Vector’s performance over the last 12 months has been exceptional, with the company exceeding almost all of its performance targets.

We were pleased to see in the industry disclosures at the end of last year that Vector led all major electricity network companies in the area of service reliability.”

Vector’s after tax profit for the 12-month period to 30 June 2004 was $57.8 million, an increase of 16% on the previous 15-month financial period.

Mr Kyd noted that $93 million was invested in upgrades on Vector’s networks during the year, including several major electricity undergrounding projects in the greater Auckland area.

“While aesthetically pleasing, the undergrounding of power lines also contributes to increased security of supply and improved safety for the community,” said Mr Kyd. “This work has been carried out in line with an agreement between the Trust and Vector.”

It is also pleasing to see that the focus on continued investment in infrastructure to meet the growing needs of its customers remains strong at Vector.”

Vector is wholly owned by the AECT on behalf of its 286,000 income beneficiaries – Vector electricity customers in Auckland City, Manukau City and parts of the Papakura District.

Mr Kyd said he is confident the Trust’s beneficiaries will continue to reap the benefit of the company’s focus on achieving further economic efficiencies and its strong organic growth.