Infratil chief executive Jason Boyes said the company had met its market guidance in a difficult maco environment. Photo: Supplied
Infratil has reported a drop in full-year net profit but says it is upbeat about the year ahead and looking for further investments in infrastructure despite ongoing economic challenges.
Key numbers for the 12 months ended March compared to a year ago:
- Net profit $891.7m vs $1.23b
- Net profit from continuing operations $643.1 vs $1.17b
- Total revenue $1.85 vs $1.3b
- Underlying profit $531.5m vs $474.9m
- Dividend 18.25 cents per share vs 18 cps
Infratil said the net profit reflected significant growth in revenue and gains from continuing operations as well as a $328.8 million gain from the sale of the Trustpower retail business and a $221.8 gain on the sale of One New Zealand's passive tower assets.
The company also reported its CDC Data Centres, One New Zealand and Wellington Airport businesses delivered a 12 percent increase in underlying profit of $474.9m, which was at the top end of its guidance.
Infratil chief executive Jason Boyes said the company had met its market guidance in a difficult maco environment.
"The last year has been extremely active across our portfolio," Boyes said.
"Longroad Energy undertook a significant capital raise, which saw a material uplift in its value," he said.
"One New Zealand completed its rebrand as well as the sale of its passive mobile tower infrastructure to a consortium including Infratil, leading to the establishment of Fortysouth."
Boyes said CDC Data Centres delivered an additional 104MW of data centre capacity across Canberra, Sydney and Auckland, while Manawa Emergy completed the sale of the Trustpower mass market retail business.
Boyes said Infratil was committed to setting a science-based target with a clearly defined path to reduce emissions in line with the Paris Agreement goals in May 2023.
Infratil expected the current FY2024 to deliver underlying profit in a range of $570m to $610m, compared with $531.5m in the just ended.