Vector ( (VETTF) ) has released its Q2 earnings. Here is a breakdown of the information Vector presented to its investors.
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Vector Limited, a New Zealand-based company, operates in the electricity and gas distribution sectors, along with telecommunications and digital services. The company recently released its interim financial statements for the six months ending December 31, 2024, highlighting a significant increase in net profit compared to the previous year.
Vector reported a net profit of $125.4 million for the period, a substantial rise from $26.0 million in the same period last year. This increase was driven by higher revenues and a reduction in impairment charges. Revenue from continuing operations rose to $560.5 million, up from $502.7 million in the previous year, with notable contributions from the electricity distribution segment.
Key financial metrics showed improvement, with earnings per share increasing to 12.4 cents from 2.4 cents a year earlier. The company also completed the sale of its natural gas business and the LPG business, which contributed to the positive financial results. Operating cash flows were strong, amounting to $276.9 million, reflecting efficient operational management.
Looking ahead, Vector’s management remains focused on strategic growth and operational efficiency. The company is navigating regulatory changes and market conditions with a cautious yet optimistic outlook, aiming to sustain its financial performance and shareholder value in the coming periods.