ENERGY distributor SP AusNet expects the continuing roll-out of smart meters to be the key for growth after posting a 12 per cent slide in half-year profit.
While revenue was up 5.7 per cent to $830.5 million, largely because of electricity price increases, the company’s profit was softer at $146.2 million compared to the same six months last year.
SP AusNet said income tax credits booked in the previous corresponding period did not recur in the latest half.
Managing director Nino Ficca said that despite volatility in markets and difficult economic conditions, the distributor was in a strong financial position, «underpinned by growing operating cash flows and sound financial management».
The company also said no material progress had occurred in two lawsuits brought against it over alleged faulty electricity assets claimed to have been involved in the Victorian bushfires.
Proceedings are to begin in February next year and January 2013.
SP AusNet has also said it will legally challenge three rulings made by the Australian Taxation Office after it conducted audits.
A fully franked interim dividend of 4c a share will be paid on December 21 to investors registered on November 25. The company said it expected to pay a final dividend of 4c a share to bring the year’s total to 8c.
Shares in SP AusNet firmed 1c to 99c yesterday.
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