Net profit falls from $51.6m a year earlier, the Wellington-based company says.

Sales fall as the transport fuels distributor cuts out loss-making contracts and faces severe competition.

The petrol retailer plans to spend $40m to boost storage facilities.

Notes by Infratil chief executive Marko Bogoievski show how the proposed Z transaction is one of several to free up capital or replace expiring funding lines.

Infratil and the NZ Superannuation Fund are looking to float between 40% and 60% of the company later this year.