Australia's APA returns to profit in Jul-Dec
Australian gas infrastructure company APA Group on February 23 said profit after tax in the six months to December 31 (H1) came in at A$155.6mn ($112.4mn). It reported a loss of A$15.5mn last year owing to a non-cash impairment of A$249.3mn.
Profit after tax excluding significant items came in at A$155.6mn, down from A$159mn in the year-ago period. Revenue increased by 4.3% year/year to A$1.12bn.
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APA said it reached a final investment decision on A$150mn in growth projects in the half, which will support revenue expansion in future years. “Organic growth continues to be sourced across all of APA’s strategic focus areas, with new projects underway across gas pipelines, and renewable energy generation,” it added.
CEO Rob Wheals said with coal-generated electricity retiring over the coming decades, the company is highly confident in the critical role for gas as a source of timely, cost-effective and secure energy.
"It is an essential companion for the ongoing growth in renewable energy. Gas is also the critical energy source in high heat and hard to abate sectors, supporting Australia’s industrial businesses," he said. “At the same time, we have continued to invest in renewables, battery storage, microgrids, electricity transmission and the energy solutions of tomorrow."