Horizon Energy Distribution made $3 million in the six months to the end of September, compared with $2.5 million the same period a year earlier.
Chairman Rob Tait says a recently acquired 60% share in the Stewart Browne Group, an electrical services business in Tauranga, helped to generate additional profits in the period.
The improved profit also reflects higher network revenue and continued cost management.
Mr Tait said Horizon is now forecasting a full year profit for 2012 of about $5.6 million. It will pay an interim dividend of 8 cents per share on 15 December.