SP AusNet posts 12% fall in half-year net profit to $192.3m

SP AusNet has reported a 11.9% decrease in Net Profit After Tax (NPAT) to A$146.2 million ($192.3 million) in the half year 2011/2012 and a 5.7% increase in revenue to A$830.5 million.

SP AusNet says a combination of regulated price adjustments associated with the commencement of a new regulatory period for electricity distribution and continued growth in the regulated asset base and increased activities associated with Select Solutions contributed to higher revenues.

But increased revenues and profit before tax were offset by a higher income tax expense, primarily due to significant income tax benefits booked in the prior corresponding half associated with tax consolidation legislation amendments, investment allowance deductions and research and development deductions.

SP AusNet has declared an interim distribution to unitholders of 4 Australian cents per security.