AusNet profit down 12.9% but dividend up

AusNet has lifted its final dividend despite a 12.9 per cent fall in full-year profit to $253.9 million.

The energy company said revenue for the 12 months to March 31 fell 2.5 per cent to $1.86 billion because of a reduction in regulated revenues, in part because the Australian Energy Regulator disallowed certain expenditures.

Nonetheless, it said cashflow was sufficiently strong for it to lift its final dividend to 4.86 cents, 45 per cent franked, from 4.62 cents a year ago.

AusNet said it had invested over $200 million in renewable energy over the year, completing connections to three wind farms, with three more in the works.

It is also paying $23.6 million to install technology known as Rapid Earth Fault Current Limiter devices to reduce the risk of bushfires caused by fallen powerlines.

AusNet lifted its full-year dividend payout 5.1 per cent to 9.72 cents and said it expected a total dividend for 2020 of 10.2 cents per share.

AAP

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