Wellington based, Infratil, has almost doubled its annual profit, boosted by the sale of its Australian energy business.
Infratil sold its Australian energy businesses for $A605 million to Snowy Hydro, the operator of the Snowy Mountains Hydro Scheme (pictured are water pipes that are part of its infrastructure) last year. Photo: AFP / SNOWY HYDRO LTD
The infrastructure and investment company made $384 million in the year to March, compared with $199 million in the previous year.
That is due to Infratil selling its Lumo and Direct Connect Australia businesses for a gain of $338 million.
Gross earnings rose 4 percent to $453 million, with a higher contribution from Trustpower, offsetting lower earnings from Wellington Airport, New Zealand Bus and its reduced stake in Z Energy.
Infratil is shifting into new growth areas, and its chief executive, Marko Bogioevsky, said buying a half share of RetireAustralia for $204 million Australian late last year was one such opportunity.
Looking ahead, the company expects operating earnings to rise between 7 and 14 percent to $520 and $550 million, with greater earnings from Trustpower and RetireAustralia.
Investors will get a dividend of 8 cents a share, taking the total annual payout to 12.5 cents.
Asset sales have also resulted in an extra payout of $120 million, with special dividends of 6.4 cents a share to be paid in June, on top of last December's 15 cents.