UPDATE 1-SP AusNet on track to meet year profit f'cast

Wed. November 19, 2008; Posted: 09:45 PM

PERTH, Nov 20, 2008 (Reuters via COMTEX) -- SAUNF | Quote | Chart | News | PowerRating -- SP AusNet, which operates energy transmission assets in Australia, posted a 2.4 percent rise in first-half net profit as cold weather boosted energy demand, and reiterated its guidance for steady full-year profits.

SP AusNet, majority owned by state-run Singapore Power, said it was on target to post an underlying year profit broadly in line with the previous year's A$168.2 million ($107 million).

Speaking at a media briefing, Managing Director Nino Ficca said the group's 5-year plan to invest A$2.7 billion to meet increasing demand for energy infrastructure was on track and it had no plans to conduct equity raisings.

Ficca said SP Ausnet had secured all the funding it needed for this year's spending plans and was confident of continued strong interest from investors given the stability of its earnings and positive credit rating.

SP AusNet said it has about A$360 million of committed but undrawn bank debt facilities and that the firm's next debt maturity was not due until September 2010.

When asked if SP AusNet was still interested in the assets of delisted energy firm Alinta that were acquired by its parent Singapore Power last year, Ficca said: "We are not in any discussions or thought process around those assets."

Shares in SP AusNet rose 2.1 percent to A$1.195 by 0242 GMT, compared with a 3.4 percent fall in the broader S&P/ASX 200 index .

Its shares have largely escaped this year's stock market rout, hovering at around the same levels as the start of the year.

Underlying net profit for the six months to Sept. 30 rose to A$122.5 million, thanks to a 8.9 percent lift in revenues on increased gas volumes and higher fees.

Reported net profit for the period, however, fell 22.9 percent to A$92.2 million, due to a charge for the replacement of meters in Victoria state. It announced a first-half distribution of 5.9 cents per security.

SP AusNet owns a gas distribution network as well as electricity transmission lines that carry power from generators to electricity distributors in Victoria state.

(Reporting by Fayen Wong; Editing by James Thornhill) Keywords: SPAUSNET/

(fayen.wong@thomsonreuters.com; +618 9456 1947; Reuters Messaging: fayen.wong.reuters.com@reuters.net)

Copyright Thomson Reuters 2008. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.

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