Horizon Energy settles dispute, adding to 2009 profit

The value of the settlement, including costs, is NZ$1.5 million before tax, the company said in a statement. That will lift profit this year to between NZ$5.7 million and NZ$6 million.

The company earned NZ$5.5 million in the year ended March 31, down from NZ$6.3 million in the previous year, even after a one-time gain from changes to adopt IFRS accounting.

Horizon is 77% owned by the Eastern Bay Energy Trust, with the balance of its shares trading on the NZX. The shares have gained 16% in the past month, while Contact Energy, the biggest utility of the exchange, fell 1%.

By Jonathan Underhill

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