SP AusNet’s H1 profit up 22.6%

SP AusNet’s H1 profit up 22.6%

10 November 2010

published by www.channelnewsasia.com

Singapore —  Singapore Power’s Australian unit, SP AusNet, on Wednesday said its half-year profit grew 22.6 per cent from a year earlier to A$166 million.

Profit for the six months ended September rose as revenue increased 10.1 per cent from a year ago to A$785.8 million.

The company declared an interim distribution of 4 Australian cents per share.

SP AusNet said it is on track to at least match last year’s distribution payments of 8 Australian cents per share.

In an update on the fallout from the Victorian bushfires, the company said it will work with the state government to make the electricity network even safer.

SP AusNet is a defendant in a lawsuit that has been brought in connection with the bushfires that broke out in February last year.

The company denied it was negligent, adding it will vigorously defend itself against the charges.

It added it is too early for it to speculate on the outcome of any claims that may be instituted by third parties.

It also pointed out that it has liability insurance that specifically provides cover for bushfire liability.

The lawsuit alleges that SP AusNet breached safety guidelines, causing a bush fire in which 119 people died in Victoria.

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