APA Group has announced an increase in its EBITDA (earnings before interest, tax, depreciation and amortisation) guidance for the 2014 financial year. APA expects EBITDA to be in the range of $730 million to $740 million, an increase of approximately 2 per cent on the previous guidance of $715 million to $730 million.
The revised guidance reflects the continued strong performance of both APA’s assets and investments during the first half of the year, and the visibility that APA has of its expected business performance over the remainder of the financial year.
In addition, APA has revised down its interest cost guidance. APA expects net interest cost to be within the range of $315 million to $325 million, a decrease of approximately 4 per cent on the previous guidance of $330 million to $340 million.
Managing Director, Mick McCormack commented, “It is pleasing to see all parts of the business performing well, including a number of newly commissioned expansion projects and all of our investments. We continue to benefit from a positive operating environment for our energy infrastructure assets with lower interest rates continuing to positively impact funding costs”.