By Phil Boeyen, ShareChat Business News Editor
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Friday 3rd August 2001 |
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UNL says it made $53.6 million for the period, which includes a full 6 months income from its gas distribution business compared with just 3 months gas income the previous year.
The result does not include the $72 million from the sale of the company's contracting field services business, which was finalised just after the June balance date.
CEO Dan Warnock says the company's gas and electricity businesses had been streamlined by the sale.
"The sale will ensure cost effective implementation of our network asset strategy by a recognised global and innovative partner."
Mr Warnock says several strategic initiatives were completed during the latest financial period which position the company for future growth, and one area of focus is to significantly grow the use of natural gas through its gas distribution network.
"We believe that natural gas provides a competitive alternative to electricity during a time when New Zealand is looking at ways to reduce electricity consumption."
In June the company launched a national marketing programme in partnership with 45 gas retail and installation businesses with the goal of facilitating easy and seamless gas connections and appliance installations for homes and businesses.
UNL says there has also been wide acceptance its move into the telecommunications business.
The company's broadband communication networks were launched in February in the Auckland and Wellington CBDs, with the company threading fibre optic cables through standby gas mains acquired with the purchase of the gas network last year.
"Data traffic and connections are growing steadily within this business," says Mr Warnock.
An interim dividend of 17 cents per share has been announced, up from 16 cents last year. The company says its final dividend is also expected to be at least 17 cents per share.
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