Electricity lines company Vector's profit has fallen by a quarter after one-off gains in the previous year and higher depreciation.
Its profit for the six months ended December was $78.3 million, compared with $104.4 million the year before.
Leaving that aside, revenue rose 8 percent to $676.2 million, which was helped by an acquisition.
Earnings from the technology division grew $4.2, but that growth was lower than expected, while earnings from its networks and gas businesses declined.
Chair Michael Stiassny said the technology growth was disappointing.
"This was attributable to disappointing results in the E-Co Products Group's heat pump business, as well as the cost of establishing the new HRV Solar business ahead of its recent launch in Auckland," he said.
Meanwhile, in Australia smart meter installations were lower than expected because the market was waiting for reforms to take effect in December.
Vector has increased its interim dividend to shareholders of 8.25 cents per share.
It has also reaffirmed its guidance for full-year earnings to be similar to last year's result.