Infratil full year net surplus up 26.3%

Tuesday 17th May 2011 1 Comment

Infrastructure investor Infratil has reported a 26.3% rise in full year net surplus to $120 million, in the financial year that started with its joint purchase of the downstream assets of oil company Shell in a deal with the NZ Superannuation Fund.

The 50% holding in the Shell assets, now called Z Energy, had cost Infratil $210 million and for the year to March 31 contributed a reported return of $116 million, made up of $55 million in earnings and $61 million in asset revaluations, the company said today.

The other highlight of the year had been a $55 million earnings contribution from Infratil Energy Australia, which Infratil had formed as a start-up.

The economic and regulatory backdrop was generally difficult during the year and all of its businesses faced material challenges, Infratil said.

Indications for the future were more positive, including ongoing deregulation of Australia's energy market, the emission trading scheme in this country, and continued integration of the Australasian aviation market.

Other positive indicators were the Government slowly opening the door on more private ownership of state owned businesses and infrastructure, gradual economic recovery, and a more positive regulatory approach in Auckland towards privately provided public transport.

Infratil reported ebitdaf (earnings before interest, tax, depreciation, amortisation and financial instruments) up 27% to $460 million, despite flat earnings at TrustPower and due mainly to a greater contribution from Infratil Energy Australia and the inaugural contribution from Z Energy.

Operating earnings rose to $173 million from $90 million, and the company said it would pay a final dividend of 4.25c per share, up 13% on a year earlier.

NZPA

Comments from our readers

On 17 May 2011 at 1:26 pm NIPUN GUPTA said:

Iam a shareholder of infratil.That's good news