Envestra Ltd
(ASX:ENV) has confirmed that its gas networks have been minimally impacted by the floods in Queensland and Victoria.
The country’s biggest gas distributor says the additional costs incurred from responding to the emergency are unlikely to reach half a million dollars, and so not covered by the company’s insurance.
Managing director Ian Little says considering the extent of damage across the regions, Envestra’s gas assets have performed remarkably well.
The company has inspected over 4,000 properties affected by the floods in Queensland and 500 properties affected by the floods in Victoria, and advises that only 90 meters and 150 regulators had to be replaced.
Mr Little has confirmed that the impact on Envestra's future revenues is not expected to be material, due to businesses not being able to operate and homes that will not be re-occupied for some time.
Envestra generated a net profit of $37.2 million in the year to 30 June 2010.
