Chairman Colin Holmes said the profit included higher than usual subdivision income and a one-off after-tax benefit of NZ$2.2 million from the 1999sale of the company's interest in the Kapuni Energy Joint Venture and which had been included in profit forecasts.

Operating revenue for the period was NZ$26.8 million (NZ$25.8 million for the 2003-04 year), with depreciation of NZ$3.0 million (NZ$2.4 million) which reflected the full year's impact of depreciation on the increased value of the company's distribution assets that were revalued in March 2004.

Total assets of the NZX listed company – principal shareholder of which is the Eastern Bay Energy Trust that owns 77% of the shares - were NZ$80.7 million (2004 $77.2 million) and total shareholder funds were NZ$48.0 million (NZ$44.4 million).

Total imputed ordinary dividends for the year would be 20 cents per share, which, together with the unimputed special Kapuni dividend of 8 cents, represented 90.8% of the tax-paid profit for the year.