Cost Reductions Support Good First Half for Spark; No Change to FVE
Spark Infrastructure reported a good first-half result and is tracking a little better than we were expecting. Proportional EBITDA increased nearly 8% to AUD 420 million on stronger earnings at Victoria Power Networks and TransGrid, while earnings at SA Power Networks fell marginally. Proportional operating cash flow increased 7% to AUD 135 million, or AUD 8 cents per security, which was in line with distributions to security holders. We slightly increase our full-year earnings forecasts but rem...Spark Infrastructure is engaged in investing in regulated electricity distribution and transmission businesses in Australia. Co. reportable segments are: Victoria Power Networks, which represent the 49.0% interest in two electricity distribution businesses in Victoria; SA Power Networks, which represent the 49.0% interest in the electricity distribution business in South Australia; TransGrid, which represent the 15.01% interest in the electricity transmission business in New South Wales; and Other which represents the economic interest in DUET Group, an Australian Securities Exchange listed entity head quartered in New South Wales.
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