SP Ausnet FY profit falls

SP Ausnet (SPN) posted a 34.8% drop in full-year net profit as payments to the Australian Taxation Office and SPI Management Services weighed.

In the year to March 31, SP Ausnet reported a net profit attributable to members of $178.3 million, down from $273.5m in the previous year.

Revenue grew 9.8% in the year, lifting to $1.799 billion, from $1.640bn in 2013.

SP Ausnet will pay an annual distribution of 8.36c per share.

The group said it may have to pay $86.7m in a dispute with the Australian Taxation Office, and setting this amount aside affected its profit result. 

SP Ausnet may also have to pay $40.4m to Singapore Power subsidiary SPI Management Services in order to complete a restructure and terminate its management services agreement, which affected profit as well.