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AGL Energy Limited (AGK) said its statutory post-tax profit was down 88.9% to $183.7 million for the six months to 31 December 2009. At the same time, AGL has reaffirmed full-year earnings guidance for underlying NPAT of between $390 million to $420 million despite mild temperatures in southern states.

Last year’s statutory profit of $1.65 billion was boosted by assets sales, with underlying post-tax profit for the half-year ended 31 December 2009 of $234.8 million, up 22.0%.

Managing director Michael Fraser said that the growth in the company was underpinned by strength in the retail business, which had seen an increase in both customer numbers and customer profitability.

“Importantly, we are on track to meet our full-year guidance of $390 million to $420 million and are well placed to continue to grow through a combination of organic growth and acquisitions.”

Looking ahead AGL said that although it expected that any privatisation of electricity assets in NSW would not happen before this financial year, it remained ‘interested’ in evaluating assets for sale.

Looking at the numbers for its key Retail Energy division, operating EBIT was $183.5 million, up 25.9% on the prior corresponding period.

Importantly, AGL said, dual fuel customers grew by 76,500, or 6.2% to 1.32 million.

”Now 40.9% of AGL’s customer accounts source both electricity and gas from AGL,” the company said.

The board declared a dividend of 29c per share, up from 26c per share in the previous corresponding period.

At 1145 AEDT, AGL Energy shares were trading up 49c to $14.29.

Duet Group (DUE) returned to profit in the first half after posting a profit of $80.7 million for the six months, compared to a loss of $146.7 million in the previous corresponding period. The company said the result was driven by a strong contribution from the Dampier Bunbury Pipeline and increased tariffs.

Duet’s revenue in the half year decreased modestly – from around $584.8 million a year earlier to $581 million.

The group said its proportionate earnings increased 17% from the prior period to $113.8 million and declared an interim dividend of 10c per share.

CEO, Peter Barry, said the Dampier Bunbury Pipeline experienced the full benefits of the Stage 5A expansion during the period, which generated a 13% increase in the pipeline’s proportionate EBITDA.

Duet said Multinet and WA Gas Networks recorded increased proportionate EBITDA of 6% and 7% respectively reflecting increased tariffs.

However, the group reported a 9% decline in EBITDA contribution from Duquesne due to a reduction in sales volumes of about 4%, an increase in labour costs and non-cash provisions.

Prior to the $65.9 million payment of the interim distribution, the company said cash held was $299.2 million at 31 December 2009.

As at 1055 AEDT, Duet shares were up 2c to $1.785.

Energy Developments Limited (ENE) posted a NPAT (before specific items) of $15.3 million for the six months to 31 December 2009, up 54% on the previous corresponding period. The company reiterated the guidance provided at its Annual General Meeting in November for FY10 EBITDA to be in the low end of the range of $135 -$145 million.

Energy Developments said the increase in profit reflected the contributions from the 45MW Moranbah North WCMG project, which achieved full generation levels in May 2009.

Managing director, Greg Pritchard, said full contribution from the Moranbah North WCMG project and improved green credit revenues in Australia, US and the UK, helped offset the adverse impact of unfavourable exchange rates on results from our UK and European businesses.

The company said the 10% improvement in EBITDA to $66.2 million for the first half of FY10 was achieved on revenues of $130.4 million, up from $118.9 million in the pcp.

Energy Developments said cash on hand at 31 December 2009 was $56.8 million, compared to $64.8 million six months earlier.

Meanwhile, net debt was $401.8 million, down $29.3 million from 30 June 2009.

The company’s board resolved not to declare a dividend for 1H10 given the recent passing of control to Greenspark and the implications of Greenspark’s live offer.

Greenspark recently became the company’s new major shareholder with a current shareholding of in excess of 75% and made takeover bid for ENE in December 2009, which remains open until 6 February 2010.

"Greenspark has announced its intention to undertake a review of the company following the closure of its bid on 16 February, in order to evaluate future investment opportunities and to determine whether any additional equity will need to be raised to reduce leverage below current levels,” Energy Developments said.

As at 1414 AEDT, Energy Developments shares were down 4c to $2.70.  

Duet Group (DUE) said it would make a US$104.8 million placement in DQE Holdings LLC, as a part of a larger US$271.1 million equity investment by the ownership consortium in the company. The funds would be used to mitigate the impact of a pension plan deficit of US$218 million, of which Duet’s share was US$63.1 million.

Duet said the remaining funds would “provide further equity funding for transmission growth capital expenditures".

The group said that by 31 December 2009, it was expecting to have cash and a debt facility available totalling US$258 million.

“This equity investment, fully funded from our cash reserves of $350m as at 30 November 2009, demonstrates Duet’s commitment to invest in our asset portfolio,” Duet’s CEO, Peter Barry said.

At the open, Duet's shares were unchanged at $1.815.

SP AusNet (SPN) said it was on target to meet full year distribution guidance of 8c per share after the company reported underlying NPAT growth of 10.5% in the first half to $135.4 million. The result came on the back of a 12.3% increase in total revenue to $713.7 million, which was attributed to higher transmission and gas revenues under regulated price path and higher unregulated revenues from Select Solutions.

The company also reported 5.8% and 4% rises in EBITDA and EBIT respectively.

The directors of SP AusNet declared an interim distribution of 4c per share, and maintained the fully franked dividend component at 32.2% of the total distribution.

SP AusNet said organic growth on the networks continues to be strong, with high levels of demand for energy infrastructure from new housing developments within the distribution network areas.

“New windfarm and gas fired generation connections on the transmission network will also ensure growth in SP AusNet’s asset base,” the company said.

“SP AusNet is on target to meet FY10 guidance of around an 18% increase in capital expenditure.”

The company said it would continue its focus on expanding and commercialising niche asset services, in particular metering and technical services.

At the close of trade yesterday, SP AusNet shares were trading at 87c.

Energy Developments Limited (ENE) says it has received a takeover offer from private equity firm, Pacific Equity Partners. The offer put forward by Pacific Equity ("PEP") is for $2.65 per Energy Developments share, valuing the company at around $400 million.

However, Energy Developments said that the offer does not reflect the intrinsic long-term value of the company.

Energy Developments also noted that the share price movement – the company’s shares closed at $2.41 on Friday, the same price they were in mid-July – was a poor indicator as 80% of the company’s stock is held by just 10 investors.

Despite not being prepared to accept the scheme of arrangement, the board said it would not stand in the way of PEP making an off-market takeover bid for the company.

At the same time Energy Developments, which produce renewable and low emission energy have abandoned talks with an international infrastructure specialist fund manager for UK and French landfill gas power generation plants, saying the contractual terms were ‘unacceptable’.