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AUSTRALIA'S ALINTAGAS POSTS US$21.25 MLN FY NET PROFIT.
PERTH, Aug 1 Asia Pulse - Western Australian energy company AlintaGas Ltd (ASX:ALN) has exceeded full year growth forecasts by 62 per cent, posting a $A42.182 million ($US21.25 million) net profit for the year ending June 30, 2001.
AlintaGas, which listed on the Australian Stock Exchange last October, said it has achieved the results despite undertaking an aggressive restructuring program.
It compared to a full year net profit of $A26.1 million ($US13.15 million) outlined in its public offer document.
Chief executive Robert Browning said the result was built on a record operating revenue of $A389.8 million ($US196.34 million) and came despite absorbing restructuring costs.
The company rewarded shareholders with a 5.5 cents a share fully franked final dividend taking the total distribution, including loan note repayments, for the 12 months to June 30 to 18 cents a share.
DJ Carmichael industrial analyst Brian Beros said the result was particularly pleasing given it included between $A15 million ($US7.56 million) to $A17 million ($US8.56 million) worth of restructuring.
"The net profit came in at about $A1 million ($US503,700) above what I was expecting, but the results are actually a lot better than that because they took a lot of restructuring costs," he said.
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Source: HighBeam Research, AUSTRALIA'S ALINTAGAS POSTS US$21.25 MLN FY NET PROFIT.