Utilities and infrastructure investor Infratil has reported a sharply lower profit as Covid-19 hit the earnings of its key investments.
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The company's profit for the year ended September was $57 million compared with the previous year's $79.8m.
It said the 'net parent surplus', which reflects its relative shareholdings in companies that it does not wholly own was halved to $27.8m.
"The performance has been exceptional during a challenging period," chief executive Marko Bogoievski said.
Revenue fell 17 percent to $662m as the pandemic hit the earnings of telecommunications company Vodafone, which Infratil half owns, and Wellington Airport, which it has a two-thirds stake in.
But earnings were underpinned by its stakes in Trustpower and CDC data centres, which is building two centres in Auckland. Its other investments include Tilt Renewables and Retire Australia.
During the preceding year the company sold out of Perth Energy, NZ Bus, and the ANU Student Accommodation business in 2019.
Infratil recently diversified its investments by taking a majority stake in Australian medical scanning company Qscan.
Bogoievski said the company was looking for potential investments in the water sector, but was finding targets hard to find.
Infratil raised $300m through a share issue in June, and that along with its share of asset sales, allowed it to cut its debt. It will pay a final dividend of 6.25 cents a share.