Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 


Infratil takes $43.9M charge on British airports up for sale

Infratil takes $43.9M charge on British airports up for sale ahead of 1H result

By Paul McBeth

Nov. 9 (BusinessDesk) - Infratil, the infrastructure investment firm, has taken a $43.9 million charge to write down the value of the two British airports it's trying to sell ahead of its first-half results next week.

The Wellington-based firm wrote down the carrying value of the Glasgow Prestwick and Kent airports by 22.2 million pounds, which will be reflected in the first-half net profit, the company said in a statement. The investment firm is trying to sell the unprofitable airports, and has already written down their value by $60.4 million in the past two financial years.

"The impairment charge reflects market feedback received as part of this (sale) process," the company said. "Infratil continues to actively seek a buyer for the airports, while considering all other options available with respect to the ongoing operations."

Infratil is reportedly part of a consortium including its manager Morrison & Co and the New Zealand Superannuation Fund making a bid for Stansted airport, Britain's third-largest gateway.

The investment firm has flagged earnings before interest, tax, depreciation, amortisation and changes in fair value (ebitdaf) will be between $530 million and $560 million in the 2013 financial year, up from $520.2 million a year earlier.

Infratil shares were unchanged at $2.19 yesterday, and have gained 16 percent this year. The stock is rated an average 'outperform' based on six analyst recommendations compiled by Reuters, with a median target price of $2.30.

Separately, Wellington International Airport, which is controlled by Infratil, reported a narrower first-half loss of $5.6 million in the six months ended Sept. 30, from $6.7 million a year earlier. The airport lifted revenue 8.1 percent to $51.4 million, with a 13 percent hike in landing and terminal charges, more than doubling ebitdaf to $9.5 million.

Last week, the airport was found to be targeting excessive returns in a draft Commerce Commission report which were beyond what the regulator considered reasonable.

"Wellington Airport is reviewing the findings set out in the draft report as it does not appear to recognise the overall forecast returns which are in line with the commission's guidelines," the airport said.

The airport made a subvention payment to Infratil subsidiaries of almost $30 million in the period, down from $30.1 million a year earlier.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Cosmetics & Pollution: Proposal To Ban Microbeads

Cosmetic products containing microbeads will be banned under a proposal announced by the Minister for the Environment today. Marine scientists have been advocating for a ban on the microplastics, which have been found to quickly enter waterways and harm marine life. More>>

ALSO:

NIWA: 2016 New Zealand’s Warmest Year On Record

Annual temperatures were above average (0.51°C to 1.20°C above the annual average) throughout the country, with very few locations observing near average temperatures (within 0.5°C of the annual average) or lower. The year 2016 was the warmest on record for New Zealand, based on NIWA’s seven-station series which begins in 1909. More>>

ALSO:

Farewell 2016: NZ Economy Flies Through 2016's Political Curveballs

Dec. 23 (BusinessDesk) - New Zealand's economy batted away some curly political curveballs of 2016 to end the year on a high note, with its twin planks of a booming construction sector and rampant tourism soon to be joined by a resurgent dairy industry. More>>

ALSO:


NZ Economy: More Growth Than Expected In 3rd Qtr

Dec. 22 (BusinessDesk) - New Zealand's economy grew at a faster pace than expected in the September quarter as a booming construction sector continued to underpin activity, spilling over into related building services, and was bolstered by tourism and transport ... More>>

  • NZ Govt - Solid growth for NZ despite fragile world economy
  • NZ Council of Trade Unions - Government needs to ensure economy raises living standards
  • KiwiRail Goes Deisel: Cans electric trains on partially electrified North Island trunkline

    Dec. 21 (BusinessDesk) – KiwiRail, the state-owned rail and freight operator, said a small fleet of electric trains on New Zealand’s North Island would be phased out over the next two years and replaced with diesel locomotives. More>>

  • KiwiRail - KiwiRail announces fleet decision on North Island line
  • Greens - Ditching electric trains massive step backwards
  • Labour - Bill English turns ‘Think Big’ into ‘Think Backwards’
  • First Union - Train drivers condemn KiwiRail’s return to “dirty diesel”
  • NZ First - KiwiRail Going Backwards for Xmas
  • NIWA: The Year's Top Science Findings

    Since 1972 NIWA has operated a Clean Air Monitoring Station at Baring Head, near Wellington... In June, Baring Head’s carbon dioxide readings officially passed 400 parts per million (ppm), a level last reached more than three million years ago. More>>

    ALSO:

    Get More From Scoop

     
     
     
     
     
     
     
     
    Business
    Search Scoop  
     
     
    Powered by Vodafone
    NZ independent news