Electricity and gas distributor SP AusNet has suffered a 41 per cent fall in its half year profit after losing a court appeal against an $87 million tax bill.
SP AusNet made a net profit of $98 million in the six months to September 30, down from $166 million in the same period last year.
The fall was due to a tax bill the company was forced to pay after losing a Federal Court challenge against the Australian Taxation Office in September.
SP AusNet is again appealing the decision, related to amended tax assessments over deductions it claimed in the 2001 and 2006 fiscal years.
With the impact of the court case excluded, the company's half year profit rose 11 per cent to $184 million, thanks to regulated price adjustments and additional revenues from the Advanced Metering Infrastructure program.
"The business continues to perform well despite declining energy consumption," SP AusNet managing director Nino Ficca said.
Mr Ficca said the company was focused on improving operating cash flows and driving long term distribution growth.
The company will pay an interim dividend of 4.18 cents per share, up from 4.1 cents a share for the same period last year.
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