Friday 12th November 2004 |
Text too small? |
The rise has been propelled by mostly good news across Infratil's investment portfolio.
The most recent booster was a 136% increase in reported profit to $29.6 mill for the six months to March, with earnings from 35.2% owned Trustpower up 19% from last year.
Glasgow Prestwick Airport, of which Infratil owns 100%, made a bigger contribution to earnings than expected, and while the amount of freight shifted through the airport continued to fall, there are signs this may have reached a plateau
However, there is another problem of declining passenger numbers starting to creep in and Infratil will have its work cut out generating a recovery.
Infratil has benefited from a "measured disposal" of Port of Tauranga shares, which have climbed steadily higher this year.
The joker in the pack though is the possibility Infratil will back a "second Auckland airport" at Whenuapai, but the government has yet to decide on the proposal.
Even if it gets the green light, Infratil will face significant hurdles, including resource consenting.
Analysts like what they see in this company and are predicting a heavy full year profit for the full year.
First NZ Capital said in a research note it estimated Infratil's net asset value at $3.85 a share, implying the stock is trading at a discount of around 17%.
No comments yet
EXPRESSION OF INTEREST IN THE SUPPLY OF MEREENIE GAS
IPL - FY24 Annual Results
CEN - Contact to revisit Wairākei development options
May 17th Morning Report
PaySauce to announce full year results on 22 May 2024
BGP - Results of Briscoe Group Limited Annual Shareholder Meeting
Judith Swales to leave Fonterra
Fonterra announces step-change in strategic direction
USX Trading Results 15th May
Devon Funds Morning Note - 15 May 2024