Infratil posts improved profit

Last updated 09:42 15/05/2012

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Infrastructure investment company Infratil has reported a six per cent rise in profits for the year to March 31.

The investor in assets including Wellington Airport, Trust Power and Z Energy announced a group net profit after tax of $127 million, up from $119.6m the previous year.

Strong second half momentum had carried the company's full year EBITDAF (earnings before interest, tax, depreciation, amortisation and financial adjustments) to $520m from $471m in the 2011 year, it told the NZX this morning.

Given that momentum and its solid capital position the board had declared a final dividend of 5 cents per share, bringing the total dividend for the 2012 year to 8 cents - up from 6.75 cents previously.

A great deal of work had gone into developing and executing investment options, the company said in a statement. The group's capital spending for the year was $246m and was expected to grow next year.

"In difficult markets it is tempting to chase market share, to postpone development, to harvest rather than sow. Infratil and its businesses continue to balance the requirement to invest in the long term while delivering current performance and yield," it said.

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- © Fairfax NZ News

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