Seven Group Holdings boss Ryan Stokes has hit out at Albanese government intervention in the domestic gas market and warned it could backfire by stifling new projects.
Crux is slated to supply the Prelude floating LNG plant and meet rising demand for the fuel at a time LNG producers are reaping high prices. Mr Stokes hailed WA’s domestic gas reservation policy, which has kept a lid on energy prices in the state, as a success and said East Coast producers might be more receptive to domestic reservation if approval hurdles were lifted, and they could bring projects to market.
Seven Group reported revenue of $4.6 billion for the first half, up 16 per cent on the same time last year, and upgraded earnings guidance in a sign it is confident about the economic outlook for its core operating WesTrac and Coates Hire businesses and sees more improvement as it beds down itsThe group reported underlying earnings before interest, taxes, depreciation and amortisation of $842 million, an increase of 12 per cent, but underlying net profit of $361 million was down 12 per cent.
WesTrac was again the biggest contributor to earnings for Kerry Stokes-controlled Seven Group in the first half of 2022-23, up 21 per cent on last year and contributing $254 million to overall group earnings before interest and tax of $595 million.