The Australian in an article heading “Pipe Dream” stated that APA would “exceed the forecast of $234.4 million net profit after tax”. This statement is erroneous.

In the APA Offer Document dated 5 May 2000, the net profit after tax for the year ended June 2001 was forecast at $24.6 million. The $234.4 million as mentioned in the article, is actually the pipeline revenue forecast as stated in the Offer Document.
At the half-year announcement, APA delivered a strong first half result and indicated to the Market that, allowing for seasonality and one-offs during the first six months, it was positioned to exceed prospectus forecasts for the full year.

APA will be releasing its results on Tuesday 4 September 2001 and it is expected that full year performance will be in line with market expectations, and consistent with the statement at the end of the first 6 months.