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. Related CoverageSP AusNet profit falls to $146mThe Australian, 1 hour agoSP AusNet profit falls 12pcThe Australian, 3 hours agoSneaky smart-meter price hike on Cup eveHerald Sun, 8 days agoBlack Saturday lawsuit settledAdelaide Now, 24 Oct 2011Its your fault, say electricity chiefsHerald Sun, 6 Aug 2011Proceedings 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 years total to 8c.Shares in SP AusNet firmed 1c to 99c yesterday.
- Smart meter rebellion How can SP Ausnet talk about the continuing roll out? Energy Minister Michael O’Brien states: “We have spoken to the distribution businesses. We have urged them to ensure that nobody is forced to accept a meter at this point in time.”
- SP AusNet: Do I have to have a smart meter? (stopsmartmetersau.com)
- Channel 7 News: Smart Meter Backlash/Mess/Pain (stopsmartmetersau.com)