Auckland lines company Vector yesterday reported a 4.5 per cent fall in net profit after tax to $42.04 million for the six months to September 30.
Revenue fell from $137 million to $133.5 million. Earnings before interest, tax, depreciation and amortisation fell by $10.4 million to $79 million.
Chairman Michael Stiassny saidthat although earnings were ahead of budget, they were down because of a reduction in pricing and a planned increase in the amount of network maintenance.
Vector said it had cut prices to residential customers by 10 per cent on average since April, and by up to 25 per cent for small commercial customers.
The half-year result was recorded before the acquisition of UnitedNetworks made Vector the largest network operator in New Zealand.
