AusNet Services profits up 14.1% to $210m in H1

Thanks to increased customer contributions.

AusNet Services Holdings Pty Ltd's (AusNet Services) profits for the half year rose 14.1% YoY from $184.15m (A$178.6m) to $210m (A$203.7m).

According to its financial statement, higher revenue and earnings were caused by colder weather and increased customer contributions.

Depreciation and amortisation increased due to completion of both the metering program and the Brunswick terminal station rebuild.

Of total capex, $31.65m (A$30.7m) went to the major terminal station rebuilds at Richmond, Brunswick, and West Melbourne.

The reduction in capex reflects the completion of Brunswick at $10.82m (A$10.5m) and the impact of Richmond nearing completion at $7.94m (A$7.7m), offset by the increase in West Melbourne at $7.11m (A$6.9m) which was in the design phase in the comparative period.

Meanwhile, operating expenses fell by 11.2%. The prior period included a $8.35m (A$8.1m) write off of an IT project and an additional $4.64m (A$4.5m) of service level payments arising from higher storm activities.

Other reductions came from the implementation of various cost efficiency programs.

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