Energy lines company Horizon Energy posted a 48 per cent rise in full-year after-tax profit to $7.4 million, and will pay a dividend of 75 cents per share.
The Whakatane-based company, 77.3 per cent-owned by the Eastern Bay Energy Trust, said in a statement today that total dividends for the yearended March 31 were $1.30 per share, or 87.7 per cent of the after-tax profit.
Horizon chairman Colin Holmes said the profit was boosted by several one-off items, including the reversal of provisions of $2 million relating to disputed amounts with Todd Energy and Transpower.
Mr Holmes said the current year profit was likely to return to the more normal range of $4.5 million and $5 million.
Horizon will undertake a five-for-one share split effective from June 21, to improve the marketability of the shares.
The dividend, payable on June 20, comprises a final dividend of 30 cents and a special dividend of 45 cents.
