APA Chairman George Bennett said the result, its third consecutive profit increase since listing, was pleasing and in line with expectations given the stable and dependable revenues from APA's various pipeline assets.
"We remain optimistic and indeed excited about the prospects for Australia's natural gas transmission market. We are encouraged by the continuing increase in demand for one of the country's most user and environmentally friendly energy sources," said Mr Bennett.
The result comes on the back of pipeline expansion programs in Queensland and a bigger stake in Goldfields Gas Transmission in Western Australia, which contributed to a 6.46% rise in revenue to $271.912 million.
APA Managing Director Jim McDonald said further expansion of existing pipelines remained an important part of APA's business plan along with the development of alternative gas supplies to Moomba and acquisition of additional assets.
"We are pleased with the progress of coal bed methane in Queensland as an alternative supply to south east Australian markets through Moomba," said Macdonald.
The positive APA result is in sharp contrast to the dying hopes of Epic Energy, which is facing an increasingly tough battle to keep hold of the Dampier-to-Bunbury Natural Gas Pipeline.
The company's banks are growing increasingly nervous about getting a return on their investment while a consortium of local companies has got a scent of blood in the water and is considering an offer for control of the troubled pipeline.