Duet posts 1H profit of $80.7m
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.
Leave a Reply