Network management business Vector Limited today announced an after-tax net surplus of $42 million for the six months ended 30 September 2002.
Operating earnings (as measured by EBITDA) were $79 million for the six months. This was ahead of budget, but below the comparative figure for last year, $89.4 million, due to a reduction in pricing and a planned increase in the amount of network maintenance performed.
Vector reduced its prices from April of this year by, on average, 10 per cent for residential customers, and by as much as 25 per cent for its 30,000 small commercial customers.
Vector's half-year result was recorded prior to the company’s acquisition of UnitedNetworks.
Vector Chairman Michael Stiassny said the first half had seen the company make significant progress.
“Vector has achieved another strong half-year result, with further improvements across almost all aspects of the company’s core lines business,” he said.
Mr Stiassny said the recent acquisition of UnitedNetworks was also a significant highlight for the company, making it the largest network operator in New Zealand. He said that the integration of the two companies’ operations was proceeding to plan.