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New Zealand utilities investor Infratil Ltd reported a near fourfold increase in net profit in the nine months to December on the back of asset sales, improved returns from its energy investments, and a contribution from its bus operations.
Infratil's profit after tax was $52.7 million in the nine months to December 31, compared with $13.3 million a year earlier.
Earnings before interest, tax, depreciation and amortisation rose 79 per cent to $99.2 million.
Infratil shares closed on Friday at $5.80. The stock gained 25 per cent over the nine months to December, compared with a 9.5 per cent rise in the benchmark top 50 index.
In late December Infratil completed taking majority control of power company TrustPower, by acquiring the New Zealand assets of US-based Alliant Energy for $445 million.
Infratil owns Glasgow Prestwick, Kent International and Luebeck airports and two-thirds of Wellington International Airport.
Its other investments include New Zealand Buses Ltd, the country's biggest public transport provider, energy explorer Austral Pacific , and a small stake in Port of Tauranga.
- REUTERS
