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Infratil post nine month net surplus of $42.94 million

Tuesday 1st February 2005

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Infratil's results in the last quarter of 2004 reflect continued strong returns from TrustPower and Wellington Airport.

Infratil's investment portfolio generally performed well. New investments continue to be sought whilst maintaining a focus on current businesses.

Infratil's net surplus for the nine months was $42.94 million - an increase from $20.73 million achieved in the same period in 2003. For the quarter the respective figures were $13.31 million and $8.20 million. For the nine months earnings before interest, tax, depreciation and investment realisations were $46.89 million from $48.61 million in 2003.

Notable events and developments during the period were:

  • TrustPower's contribution to Infratil for the last quarter was $7.5 million, a 34% increase over the same period in 2003. TrustPower's growing list of investment projects and plans augers well for future income growth, and the ability of New Zealand's electricity system to meet demand in an environmentally sustainable manner.
  • Wellington Airport's contribution to Infratil continues to grow at approximately 20% as passenger throughput rises. The Airport has announced that stage one of its Lyall Bay retail development will be completed in 2005. This will initially increase earnings by approximately $3 million per annum.
  • Glasgow Prestwick International Airport's freight volumes appear to have stabilised and a number of new scheduled airline routes have been announced from March 2005. The challenge of increasing passenger services income, via better terminal facilities, and a resumption of freight growth, via more active management, are being addressed and the new ceo is to take up his role in February 2005.
  • Other investments; Energy Developments, Port of Tauranga and Victoria Electricity are performing encouragingly.
  • Management continue to review and develop opportunities in the areas of waste to energy, renewable energy and airports, without instigating any material investment.
  • In December 2004, Infratil initiated a further issuance of Infrastructure Bonds. The bonds have been well received and issuance of this maturity will cease on 4th February. In the short term, proceeds of this issue are being used to retire bank debt.
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