SP AusNet 1H profit growth up 10.5%
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.
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