Energy utility SP AusNet has posted a 6.7% dip in full year net profit and announced a $415 million capital raising.
SP AusNet reported a net profit of $146.9 million for the year ended March 31, down from $157.4 million in the prior year.
The company's underlying net profit was up 5.4% to $177.2 million, while revenue lifted 10.8% to $1.17 billion.
SP Ausnet said it was seeking to raise $415 million in a one-for-four entitlement offer, at an offer price of 78 cents per stapled security.
SP AusNet securities closed on Monday at 90 cents.
The entitlement offer comprises a fully underwritten $330 million institutional offer and a non-underwritten retail offer of up to $85 million.
The company said the offer would maintain its prudent capital structure, support its existing A-range credit rating and enable continued access to capital markets to fund growth.
SP AusNet said its distribution guidance for the year to March 31, 2010, was expected to be eight cents per security.
SP AusNet said its 51 per cent security holder, Singapore Power International, intended to take up its full entitlement under the offer, representing about $211 million.
Singapore Power had received approval from the Foreign Investment Review Board to take up the entitlement, the company said.
SP AusNet's assets include Victoria's high voltage electricity transmission network, an electricity distribution network in eastern Victoria and a gas distribution network in western Victoria.
The company's electricity transmission business contributed $492 million in total revenues for the year, up 13.3 per cent on the prior period.
The company said this was due to the commencement of the new transmission regulatory period, which took into account the higher cost of financing in light of market conditions.
SP AusNet's electricity distribution business contributed $509 million in total revenues for the year.
The company said revenues were 9.8 per cent higher than the previous corresponding period, driven by favourable weather conditions as well as strong growth in customer numbers and price increases.
SP AusNet said it was served with a writ in April from the Victorian Government's Royal Commission of Inquiry, which is investigating the Victorian bushfire crisis.
The company said the writ alleges that faulty and/or defective power lines caused loss and damage.
SP AusNet said it would vigorously defend the claim.
SP AusNet declared a final distribution of 5.927 cents per security, taking the total distribution to 11.854 cents per security.