Australian APA's full-year profit down 99%
Australian gas infrastructure company APA Group on August 25 reported a 98.9% year/year drop in net profit in the 12 months to June 30 (FY21) impacted by impairment charges and finance costs.
The company realised a profit of A$3.7mn ($2.7mn) compared with A$311.7mn in the previous year. The profit was impacted by the A$249.3mn non-cash Orbost impairment charge and A$148mn in finance costs. Excluding those items, profit after tax was A$281.8mn, down 9.6% yr/yr. Revenue of A$2.14bn was up 0.7% yr/yr, driven by the part-year contribution from the Orbost gas processing plant.
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APA said it has invested over A$280mn in growth projects in FY21 which will support revenue expansion in future years. “In the longer term, APA’s earnings will be supported by our pipeline of projects totalling over A$1.3bn in the next three years and reinforcing our position as Australia’s leading energy infrastructure company.”
The company is also looking at energy infrastructure opportunities in North America. “APA has an extensive growth programme, potential US strategic options and our Pathfinder programme exploring the longer-term opportunities as we transition to a zero carbon energy outlook."
Earlier this year, APA announced a hydrogen pilot project to enable the proposed conversion of 43 km of the Parmelia gas pipeline in Western Australia into a 100% hydrogen-ready transmission pipeline. This is the company’s first investment under its Pathfinder programme.