Tax bill hits SP AusNet profit November 12, 2013 - 1:39PM Electricity and gas distributor SP AusNet has suffered a 41 per cent fall in its half year profit after losing a court appeal against an $87 million tax bill. SP AusNet made a net profit of $98 million for the six months to September 30, which was down from $166 million for the same time last year. The fall was due to a tax bill the company was forced to pay after losing a Federal Court challenge against the Australian Taxation Office in September. SP AusNet is again appealing the decision, related to amended tax assessments over deductions it claimed in the 2001 and 2006 fiscal years. But, once the impact of the court case is excluded, the company's half year profit rose 11 per cent to $184 million, thanks to regulated price adjustments and additional revenues from the Advanced Metering Infrastructure program. "The business continues to perform well despite declining energy consumption," SP AusNet managing director Nino Ficca said in a statement on Tuesday. Mr Ficca said the company was focused on improving operating cash flows and driving long-term distribution growth. The company announced an interim dividend of 4.18 cents per share, up from 4.1 cents a share for the same period last year.