UNL's half-year surplus on target

By Phil Boeyen, ShareChat Business News Editor

Friday 28th July 2000

Auckland-based electricity lines and gas distribution company, UnitedNetworks, says it has met its half-yearly profit expectations, posting a $48 million net surplus after tax.

The result is a 27% increase on the same period last year. Sales revenue rose to $213 million from $205 million compared with last year's half-year result.

UNL's board has declared a fully imputed interim dividend of 16cps to be paid on September 8th, and it anticipating the final dividend will be at least 16cps and will be paid in April next year.

This week UNL launched itself into the communications business, announcing plans to install, own and manage fibre optic networks in the Auckland and Wellington central business districts.

The fibre optic network will piggyback on the company' underground gas pipelines.

The company plans to build the new underground network as stage one of a three-stage project to progressively deliver ultra high bandwidth to the kiwi market.

It will be the first time an energy company has moved into the communications market in New Zealand, but UnitedNetwork's affiliated companies in both Australia and the United States already have experience in the field.

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