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Ausnet (ASX:AST) share price higher following half year results

The Ausnet share price was higher today after the company released its results for the 6 months to 30 September 2020.
The post Ausnet (ASX:AST) share price higher following half year results appeared first on Motley Fool Australia. –

The Ausnet Services Ltd (ASX: AST) share price is up by 2.79% at the time of writing to $2.02 per share. This comes after the energy distribution company released its results for the 6 months to 30 September 2020.

What did Ausnet announce?

In the 6 months to 30 September 2020, Ausnet had revenue of $1.04 billion, an increase of 1.8% compared to the prior corresponding period (pcp). Higher revenues were driven by increased residential electricity distribution volumes as a result of COVID-19. The company also had higher lease interest income from completed wind farms.

Other features of Ausnet’s results for the 6 months to 30 September 2020 included:

According to the company, profits were boosted by lower finance costs. At 30 September 2020, Ausnet had an average cost of debt of 4.25% compared to 4.48% in the prior corresponding period. The company held an A-/stable rating from Standard and Poors and an A3/stable rating from Moody’s.

Ausnet gave some guidance on its future performance. Dividends for the full year were expected to be 9–9.5 cents, 40% franked. The company forecast that:

  • its regulated asset base growth would be around 2–2.5% per annum to FY2024
  • it is on track to hold $1.5 billion of contracted energy infrastructure assets by FY2024
  • net debt to contracted and regulated asset base should be less than 70% by FY2024

About the Ausnet share price

The Ausnet share price is up more than 37% from its 52-week low of $1.46 and up 11.7% since this time last year. On current prices, Ausnet’s price-to-earnings ratio sits at 25.68 and its market capitalisation comes in at $7.5 billion.

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Motley Fool contributor Chris Chitty has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

The post Ausnet (ASX:AST) share price higher following half year results appeared first on Motley Fool Australia.

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