Envestra FY profit up 45%

By Mitchell Neems

Envestra noted that on a "business as usual" basis profitability in fiscal 2015 would be broadly in line with this year, but noted this was subject to abnormal items including weather impacts as well as financial fees related to the Cheung Kong takeover.

Cheung Kong reached an acceptance level of 87. 5 per cent of Envestra shares last night, edging closer to the 90 per cent compulsory acquisition threshold. The $1. 32 per share off-market cash offer, which values Envestra at $2. 37 billion, closes on August 21.

Envestra expects profitability in the year ahead to be broadly in line with fiscal 2014 profit, as it prepares to fall under the control of Hong Kong's Cheung Kong.

Read more here: Business Spectator


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