Electricity distributor SP AusNet
(ASX:SPN) has reported a 10.5 per cent jump in first half profit this morning, also confirming its full year distribution guidance.
Net profit after tax for the six months to September 30 came to $135.4 million with revenue up 12.3 per cent to $713.7 million due to higher transmission and gas revenues under regulated price path and higher unregulated revenues from Select Solutions.
SP AusNet declared an interim dividend of 4 cents a share and says it is on track to meet its fiscal 2010 distribution guidance of 8 cents a share.
The company says 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.
SP AusNet says new windfarm and gas fired generation connections on the transmission network will also ensure growth in its asset base.
SP AusNet fell into the red in 2009 after four years of profits.
