The company told the NZX this morning that revenue totalled $812.2 million, up 39.6% on the corresponding previous nine months.

Warmer than usual temperatures from last June until March reduced electricity transmission volumes, which affected net profit after tax (NPAT) and net profit after tax excluding amortisation (NPATA). While NPAT was 4.9% down on the $35.1 million for the previous nine months, NPATA was up 41.5% to $106.2 million.

Chairman Michael Stiassny said earnings before interest, tax, depreciation and amortisation (EBITDA) remained in line with Vector’s initial public offering prospectus projection, with the increase in profit guidance coming primarily from efficiencies achieved in managing interest costs in the second half of the year.

For the full year ending June 30, NPAT and NPATA are expected to be $43-47 million and $142-146 million, respectively.

Net earnings reflected a $5 million benefit from Vector’s earlier-than-expected move to full ownership of NGC Holdings, as well as increased borrowing costs and goodwill amortisation, both as a result of the NGC acquisition.