Sydney - Tuesday - August 15: (RWE Australian Business News) -
Alinta Infrastructure Holdings (ASX code: AIH) today reported a net
profit of $0.9 million for the six months to June 30, which was down
from the $4.3 million achieved in the first half of last year, but in
line with prospectus forecasts for 2006.
Directors declared an interim 100 per cent tax deferred
distribution of 7.75c per security for the period and reaffirmed a
forecast 100 per cent tax deferred distribution of 15.75c for the year
ending December 31.
AIH achieved total revenue of $125.5 million for the six months
(up from $117.9m) and reported EBITDA of $80.2 million (up from $75.8m).
Chairman Mr Mark Barnaba said AIH made strong progress during
the half-year.
"The highly contracted nature of our revenue streams, together
with contract renewals on the Queensland Gas Pipeline and new winter
contracts on the Eastern Gas Pipeline, means that AIH is firmly on
target to meet full-year prospectus forecasts," he said.
"AIH's quality assets generate stable, but growing cash-flows,
which underpins our confidence in being able to maintain the current
level of distributions for the balance of 2006 and the ability to grow
distributions thereafter."
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Mr Barnaba also commented that whilst net profit had reduced
compared with the previous corresponding period, it was important to
note this was not related to the underlying performance of AIH's assets,
but rather was attributable to the structural reorganisation associated
with the float of AIH on the ASX in October 2005.
The payment of tax deferred distributions by AIH was not
dependent on the business generating a net profit.
AIH's triple stapled security structure was set up to facilitate
the payment of tax deferred distributions and to allow flexibility in
the future distribution profile, he said.
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