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Infratil returns to profit after year-earlier impairments, lifts revenue

Tuesday 18th May 2010

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Infratil, the investment group that teamed with NZ Super to acquire Shell New Zealand’s downstream assets, posted a full-year profit as sales rose and it didn’t repeat the previous year’s level of impairments.

Net income was $95 million, or 5.2 cents a share in the 12 months ended March 31, from a loss of $128.4 million, or 36.5 cents, a year earlier, the Wellington-based company said in a statement today. Sales rose to $1.8 billion from $1.7 billion a year earlier.

The diversified group, which has holdings in airports, transport companies and utilities, recorded net investment realisations of $84 million in the latest year, after taking impairment charges of $179 million a year earlier.

Earnings before interest, taxes, depreciation, amortisation and revaluation of financial derivatives rose 1.7% to $363 million.

The EBITDAF gain was led by a 5.4% increase in earnings from TrustPower to $274 million.

Wellington Airport was the next biggest contributor, with earnings of $68 million, up from $66 million. Earnings from Infratil Energy Australia almost halved to $11 million, while results from its NZ Bus unit, which operates commuter buses in Auckland and Wellington, tumbled to $29 million from $40 million.

Infratil’s European airports business recorded a smaller loss of $9 million, down from a loss of $19 million. The company shrank the value of its investments in European airports with the sale of Germany’s Lubeck Airport, which had failed to meet profit targets.

Including the sale of its Fullers ferries unit and three bus depots in Auckland, stake in Auckland International Airport and Energy developments realised $392 million against a book value of $264 million.

Infratil will pay a final dividend of 3.75 cents a share fully imputed.The company reduced its debt level to $830 million from $1.2 billion.

EBITDAF for 2011 is forecast to be in a range of $390 million and $430 million, subject to TrustPower and the Shell business performing in line with last year’s results, the company said.

Shares of Infratil fell 1.2% to$1.66.

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