Envestra posts loss

Australia's largest natural gas distribution company Envestra reported a net loss of $12.3 million for the year to June 30, which the company said was better than it had forecast in the beginning of the year.

Envestra's revenue rose 2 per cent to $268.9 million due to higher tariffs and increased volumes. Final distribution to shareholders was 3.8c compared to 3.7c for the previous corresponding period, taking the total distribution to 9.5c compared to 9.25c previously.

Envestra chairman John Allpass said because of the company financial structure, accounting losses of "diminishing amounts" are expected for another three years.

Envestra owns about 17,750 kilometres of natural gas distribution networks and 1,110 kilometres of transmission pipelines, serving almost 900,000 consumers in South Australia, Victoria, Queensland, New South Wales and the Northern Territory.

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