Spark Infrastructure: Result 2013

A decent result for this electricity network, but the taxman took his pound of flesh.

Spark Infrastructure has reported a modest full-year result (it has a calendar year end) with underlying revenue increasing 4% to $311m. Underlying net profit fell 17% to $145m due to substantially higher tax expenses as a result of an ongoing battle with the ATO. Underlying operating cash flow per security increased 6% to 14.3 cents and the board declared a final unfranked distribution of 5.5 cents (ex date 27 Feb), bringing the full-year total to 11 cents, 5% up on 2012, for a current yield of 6.1%.

Total revenue at the three underlying power networks increased 8% to $2.3bn, with operating profit also up 8% to $1.4bn. Regulated revenue was up 8% to $1.8bn, largely due to a strong result at Victoria Power Networks.



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