However, as its acquisition of AGL’s 66.05% stake in NGC was finalised in late December, only 18 days of NGC's operations were included in Vector’s latest six-month result.

While the Auckland energy networks company may seem to be flush with cash, warmer weather and, more importantly, increased finance costs relating to the NZ$880 million AGL purchase, will knock second-half profits below those just achieved.

Vector CEO Mark Franklin said the interim result reflected a solid operational performance across its core businesses. "The company's result was ahead of expectations and due largely to higher operational revenue from organic growth, increased volumes on the network due to unseasonably cold weather and the efficient management of costs over the six-month period."

Vector's EBITDA for the interim period was NZ$206.5 million (compared to NZ$183.2 million for the previous corresponding period) and its cash from operations also increased by NZ$31.2 million to NZ$149 million.

A strong building sector saw growth in both connections and volume for Vector's electricity and gas businesses. Growth was also enhanced on Vector's gas network by the success of its channel partner program and the promotion of gas which has led to increased share in the new building market.

Even its telecommunications business - downtown fibre-optic loops in Auckland and Wellington inherited when it bought UnitedNetworks three years ago - had a good six months, with revenue up by a record 48%.

Vector (and NGC) chairman Michael Stiassny said the NGC purchase was one of the highlights of the period.

"This acquisition was a significant achievement, and was in line with the company's long-term strategic, operational and growth objectives. NGC has a portfolio of valuable assets and Vector is looking forward to the benefits it will bring given NGC's track record as a strong operational performer."

The acquisition saw a significant increase in the size of Vector's balance sheet, with total assets increasing by NZ$1.7 billion to NZ$4.7 billion.

Stiassny said Vector would be looking later this year to refinance the ABN Amro Rothschild equity bridging finance used in the AGL purchase. Industry analysts already see the Vector IPO as one of this year’s hot investments.