A strong contribution from the Dampier to Bunbury gas pipeline has helped to lift investment fund manager DUET Group's interim earnings out of the black to a net profit of $94.5 million.
"Our interim 2010 result was driven by another strong contribution from Dampier Bunbury Pipeline where the full benefits of the Stage 5A expansion were experienced over the period, generating a 13% increase in DBP's proportionate EBITDA," DUET chief executive Peter Barry said.
DUET, which owns 60 per cent of DBP, reported a proportionate earnings before interest, tax, depreciation and amortisation for DBP of $89.4 million, up from the previous corresponding period's $85.3 million.
DUET jointly owns DBP with Alcoa and Prime Infrastructure (formerly Babcock and Brown Infrastructure).
Construction of the stage 5B expansion for the Dampier to Bunbury pipeline remains on time and within budget, DUET said.
Meantime, DUET's overall net profit result for the six month ending December 2009 compared to the $143.3 million net loss recorded in the previous corresponding period.