KEY POINTS:
Wellington-based infrastructure investment company Infratil Ltd today reported a net profit of $34.7 million in the year to March 31, up from $8 million last year.
Infratil usually cautions against reading too much into its annual operating statement because it is an investment company.
Consolidation of its investment in TrustPower for the first time and a number of one-off transactions also made it difficult to compare this year with last year.
However, the company said today that it had a successful year as measured by returns to shareholders, transactions undertaken and progress at each of its businesses.
Developments at TrustPower and Infratil Energy Australia were especially notable and its investments in Wellington Airport and Energy Developments were solid performers.
The company also cited progress at Infratil Airports Europe, NZ Bus and the co-investment agreement with New Zealand Superannuation and it is hoped that each will translate into future value uplift and hence returns.
Infratil's goal is a 20 per cent per annum after tax return to shareholders and this was achieved in the year to March 31. Imputed dividends of 12.5c per share were paid and the share price rose 31 per cent.
Earnings before interest, depreciation, amortisations, realisations and tax were $145.2 million, up from $77.6 million last year.
Earnings before interest, tax and realisations were $91.3 million, up from $53.5 million.
- NZPA
