KEY POINTS:
Infrastructure investment company Infratil has posted a 21 per cent fall in half-year net profit to $11.8 million.
The figure, for the six months to September 30, compares with $14.9m in the corresponding period in 2005.
Earnings before interest, tax, depreciation and amortisations (ebitda) were $66.6m from $39.1m.
Revenue from ordinary activities rose 143 per cent to $285.99m, with the increase primarily a result of acquisitions.
Those included Kent Airport (England) in August 2005, Stagecoach NZ in November 2005, and Lubeck Airport (Germany) in December 2005.
Growth in Victoria Electricity and Infratil Energy Australia were also factors.
A fortnight ago Infratil announced it had bought US company Alliant Energy's 24 per cent stake in TrustPower, giving it 50 per cent control of the country's fifth-largest power company.
On Thursday, Tauranga Energy Consumer Trust said it had exercised its option to acquire 4.4 per cent of TrustPower shares from Infratil.
Infratil said today satisfactory results were achieved at each of Infratil's major investments in the six months to the end of September.
The businesses showed encouraging signs of development during the period.
TrustPower ebitda increased 6 per cent to $114.2 million, providing a contribution of $20.2 million to Infratil, compared to $17.8m a year earlier.
The result was delivered in a period of considerable electricity price volatility and during the development of several major generation construction projects, in particular the construction of the $190 million Tararua Stage 3 windfarm, Infratil said.
Infratil Energy Australia (IEA) delivered ebitda of $5.6m and net profit after tax of $5m, compared to a loss of $0.3m a year earlier.
Public Transport contributed $8.7m to Infratil for the half year, with Infratil having bought Stagecoach's New Zealand bus and ferry business a year ago.
Public Transport patronage growth continued in Wellington and the rate of decline in Auckland was flattening, Infratil said.
The increased patronage, and higher fares in Wellington and increased contract receipts due to cost indexation balanced higher fuel and operating costs.
Growth in Public Transport had been less than hoped for due to a number of Government initiatives acting to restrict the potential expansion of bus and ferry public transport.
"While there seems to be strong political will and policy intention to get people out of their cars, the transmission of these intentions into action isn't happening," Infratil said.
On the buses, several initiatives had been introduced around route management and driver training. Progress had also been made on enhancement to the quantity and quality of Auckland's Link Bus Service -- one of New Zealand's largest, carrying more than 2.5 million riders a year.
Wellington Airport had 5 per cent growth in ebitda to $24.4m for the half-year, while aviation markets were flat. Profit was down to $11.3m from $12.7m.
The $1.4m fall in Wellington Airport's net contribution to Infratil was due to depreciation and amortisation costs up from $3.7m in the same period last year, to $6.2m.
Growth in income came from additional letting of the off-airport retail development and good performance from passenger services.
The first stage of Wellington Airport's $31m runway safety project has been finished, while work on the first phase of the off-airport retail centre was almost finished and expected to be fully tenanted by the end of the financial year.
The international terminal retail and processing area upgrade were also expected to be finished on time and on budget.
Infratil said it was considering making an offer of Perpetual Infratil Infrastructure Bonds (PiiBs) under its Infrastructure Bond Programme.
PiiBs are infrastructure bonds with no maturity date that would initially yield 9 per cent a year, with the yield to be reset each year, starting November 2007 , at the one year swap rate plus a margin of 1.5 per cent a year.
The offer was expected to open this week, Infratil said.
The interim dividend will be maintained at 5 cents per share fully imputed to be paid on January 19.
Infratil shares were up 5c in early trade today to $4.80, having ranged between $3.62 and $4.90 in the past year.
- NZPA
