Australia’s largest gas infrastructure business APA Group (ASX:APA) has reported a 10 per cent rise in its first half net profit.
In the same period revenue was up 10 per cent to $545 million and earnings before interest and tax grew 6 per cent to $209 million.
Managing director Mick McCormack says the recent extreme weather events in eastern Australia had a limited impact on the company’s assets and operations, and the repairs that are taking place are not expected to have a material impact.
APA says it now expects to deliver full year earnings at the upper end of its guidance of between $480 million and $490 million, in addition to boosting its full year distribution by five per cent.
An interim distribution of 16.5 cents per security has been declared.
In the six months to 31 December 2010 APA Group posted a net profit of $70.3 million.
