18/02/2011 - 08:48

Duet H1 profit falls 51 per cent

18/02/2011 - 08:48

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Energy distributor Duet Group's first half profit declined 51 per cent as it continues to focus on improving the operational performance of its assets.

Energy distributor Duet Group's first half profit declined 51 per cent as it continues to focus on improving the operational performance of its assets.

Net profit fell to $39.74 million for the six months to December 31 compared with $80.73 million in the prior corresponding period, the group said in a statement.

Revenue was up one per cent at $586.51 million.

Duet declared a 10 cents per security interim distribution, half a cent of which was franked, today.

Duet's corporate cash position was $190.8 million at December 31, 2010, prior to payment of the interim dividend distribution of $52.2 million, the company said.

"Duet will continue to focus on improving the operational performance of its assets and selectively deploy capital to fund growth and capital management initiatives," the company said in a statement.

Duet chief executive Peter Barry said the Dampier to Bunbury pipeline and Melbourne-based United Energy were the best performed divisions of the group.

"The Dampier to Bunbury natural gas pipeline continued to make a strong contribution where the benefits of the 5B expansion are starting to be realised, generating an 18 per cent increase in DPB's EBITDA," Mr Barry said.

"United Energy's EBITDA was up six per cent during the period with an increasing contribution from the smart meter program roll-out."

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