Energy infrastructure investor Duet Group has suffered a 62 per cent plunge in full year profit.

The group’s net profit fell to $47.5 million in the year to June 30, from $124.9 million the previous year.

Revenues rose one per cent to $1.2 billion.

Duet said its earnings had been dragged down by $112 million in tax losses booked to its income statement for the 2010/11 year.

However, it said it remained on track to deliver on its previous forecast of delivering a distribution to shareholders of 16.5 cents per security in fiscal 2013.

“The 2012 financial year was a transformational period during which we completed major strategic, operational and financial initiatives to simplify and strengthen the group,” chief executive David Bartholomew said in a statement on Friday.

“As a result of all the initiatives completed during the financial year, the group is positioned to drive improved operating outcomes and returns to securityholders.”

Duet Group owns energy utility assets, including the Dampier Bunbury pipeline, and is jointly managed by AMP Capital Investors and Macquarie Funds Group.

However, it recently announced plans to bring its management inhouse in an attempt to cut costs and improve returns to shareholders.

Mr Bartholomew said the move to internalise Duet’s management was a natural next step in the group’s evolution to becoming a simpler and stronger investment proposition.

Under the proposed deal, which has to be approved by shareholders at a meeting in late October, Duet will have to pay AMP and Macquarie a total of $93 million.

Duet declared an unfranked final distribution of eight cents a security, down from 10 cents a year ago.

The total distribution for the year was 16 cents.