Underlying net profit from continuing operations was $122.5 million in the half year ended September.
Its reported net profit fell 22.9 per cent to $92.2 million, up from $119.6 million in the previous corresponding period.
Revenue rose 8.9 per cent to $635.5 million due to "favourable price/volume and weather impacts and the commencement of the new transmission and gas regulatory periods, under which SP AusNet was allowed an increase in revenues."
Managing director Nino Ficca said the company had managed to contain costs in a high inflation environment.
"SP AusNet continues to deliver stable and predictable underlying results due to the regulated nature of our business and our demonstrated ability to finance growth in the current markets," he said.
"We remain committed to providing a sustainable investment for our securityholders and a reliable network for our customers and on an underlying earnings basis, are on target to deliver our guidance for the 2009 full year.
The company, which operates in Victoria and is 51 per cent owned by Singapore Power, said it is on track to meet its guidance for distribution growth of around 2.5 per cent in fiscal 2009.
Underlying net profit is forecast to be in line with fiscal 2008's $168.2 million while revenue is expected to grow by eight per cent.
"The seasonality of revenues, particularly on the gas distribution network due to higher demand for heating during the winter months, results in a larger proportion of revenues being earned in the first half of the year," SP AusNet said.
"Operating costs are more evenly spread over the full year, resulting in lower margins and net profit after tax in the second half of the year."
SP AusNet said organic growth on its networks had been strong, with high levels of demand for energy infrastructure from new housing developments within the distribution network areas.
"New windfarm and gas fired generation connections on the transmission network will also ensure growth in SP AusNet's regulated asset base, providing improved revenues in future periods," it added.
"SP AusNet will continue its focus on expanding and commercialising niche asset services, in particular metering and technical services."
SP AusNet said deteriorating economic conditions, in Australia may result in changes to its operating environment over the longer term.
It was paying attention to its underlying fundamentals and credit metrics to ensure it can continue to be able to access capital markets to its fund growth.
SP AusNet declared an interim distribution of 5.927 cents, up from 5.776 cents in the previous corresponding first half.
