The company attributed its $51 million operating profit (after tax and minorities but before significant items) to strategic acquisitions.
These which included the $209 million acquistion of the remaining 45% of SCP Investments, the majority owner of the Goldfields Gas Transmission Pipeline and the Parmelia gas business, as well as the purchase of the remaining 30% minority interest in the Carpentaria Gas Pipeline joint venture for $97 million.
The company’s gas transport revenue rose by 44%, driven by these acquisitions and by the Roma-to-Brisbane pipeline.
Net profit after significant items was $69.7 million, well down on the $121.3m posted in 2004. But one-off tax benefits had boosted last year’s figures, and the results were in line with predictions and showed future pipeline revenue would be stable and predictable, according to chairman George Bennett.
The company also announced today its investment with Arrow Energy and CS Energy’s $13 million coalbed methane processing facility at Kogan, west of Brisbane.
Australian Pipeline Trust’s facility will filter, dehydrate, compress, meter and deliver the gas into the Roma to Brisbane pipeline for transportation to CS Energy’s Swanbank E power station.
In other developments, the company has provided $23.5 million to investigate and address stress corrosion cracking on the Moomba-to-Sydney pipeline.
The year’s highlights include: 10-year transportation agreements with Incitec Pivot and the Braemer power station; a 12.5-year variation agreement with CS Energy to increase transport volumes; and advanced plans to expand APT’s Mondarra gas storage facilities.
