Utility investor Infratil has posted a 27% jump in earnings to $460 million for the March year, boosted by the acquisition of Z Energy (formerly Shell) and a strong contribution from its Australian energy division.
Utility investor Infratil has posted a 27% jump in earnings to $460 million for the March year, boosted by the acquisition of Z Energy (formerly Shell) and a strong contribution from its Australian energy division.
The earnings translated into a net surplus after tax of $120 million – up 20% on the $95 million reported in 2010. Parent company profit was $65 million, more than double last year’s $29 million.
The company said Infratil Energy Australia was a particular highlight, contributing $55 million in earnings (compared to $11 million last year).
And Z Energy contributed an “exceptional” return of $55 million in earnings wjile adding a further $61 million to the balance sheet due to asset revaluations.
Infratil and the NZ Superannuation Fund each paid $210 million for the downstream assets of Shell, including its petrol station last April.
Infratil’s investment in Trust Power returned a flat result with contributed earnings of $274 million, the same as last year.
Wellington Airport contributed $72 million, up $4 million, while the company’s European airports reported an $11 million loss.
NZ Bus returned $40 million, up $11 million on last year’s $29 million.
Infratil said it would pay a final dividend of 4.25c a share on June 17.
The company is forecasting normalised earnings of between $460 million and $490 million for 2012.
