Better times on the Horizon

Lines company Horizon Energy has reported an after tax profit of $5.5 million for the year ending March 31.

The numbers were down on the previous year but the company is forecasting an after tax profit of between $5.3m and $5.6m in 2009.

The company said it was subject to onerous regulatory restrictions and could achieve only limited growth in consumer numbers and overall energy consumption.

"Therefore, revenue growth is difficult to achieve."

The company said it had made some changes to its tariff structure to improve revenue and was looking at other opportunities to further enhance the regulated revenue.

Proposed amendments to the Commerce Act will potentially provide some respite to regulations.

Horizon Energy will have the ability to argue for a "more realistic" pricing model.

Horizon services the eastern Bay of Plenty region.

The company's principal owner, the Eastern Bay Energy Trust, said it has been considering alternative ownership and operational structures for Horizon. It will release more details in due course.

- NZPA