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

 


Infratil FY earnings fall as forecast, affirms 2015 pickup

Infratil full-year earnings fall as forecast, affirms pickup for 2015

May 13 (BusinessDesk) – Infratil, the energy, airport and transport investor, posted a 5.3 percent drop in pretax earnings, meeting guidance, on a weaker contribution from Trustpower and Infratil Energy Australia Group. The company reiterated earnings will grow in 2015.

Earnings before interest, tax, depreciation, amortisation and fair value movements were $500 million in the year ended March 31, down from $528 million a year earlier. Net profit jumped to $199 million from $3 million, driven by a net gain of $183 million from the sale of Z Energy and valuation adjustments.

Infratil’s 50.4 percent holding in Trustpower is its biggest single investment and accounted for 55 percent of Ebitdaf in the full year at $277 million, down from $295 million a year earlier. The utility has already posted its annual results, which showed the impact of a drop in hydro generation in the face of dry weather and depressed wholesale energy prices.

The company described 2014 as “a dynamic year” including the successful float of Z Energy, the exit from its unprofitable Glasgow Prestwick and Kent airports and the acquisition of a 19.9 percent stake in retirement village operator Metlifecare.

The shares rose 1.8 percent to $2.33 and have gained 0.9 percent this year.

The company also agreed to invest A$100 million in the Australian Social Infrastructure Partnership, with the first A$12 million made post March 31.

The company’s 66 percent-owned Wellington International Airport provided the second-largest earnings contribution at $86 million, up from $83 million in 2013 on gains in aeronautical and passenger services income.

Earnings at Infratil Energy Australia Group (IEA) fell to A$61 million from A$80 million and the decline was inflated by the effect of translating earnings back into a strong kiwi dollar. Infratil said today it has started a review of the Lumo and Direct Connect Australia units of IEA that may take six months and will determine whether the businesses are kept as is or sold.

NZ Bus, which operates the bus services in Auckland and Wellington, posted a 9 percent drop in earnings to $40 million, coming in below budget, which Infratil said reflected disappointing passenger growth and engineering costs to comply with new regulations.

Earnings for 2015 would be “between 6 percent and 12 percent higher than this year’s $500 million,” the company said.

“Next year it is expected that New Zealand’s economy will continue to drive demand for transport and energy and that there will be increasing private provision of infrastructure on both sides of the Tasman,” the company said.

Infratil will pay a final dividend of 7 cents a share, up from 6 cents a year earlier and bringing annual payments to 10.75 cents.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Media: Julian Wilcox Leaves Māori TV

Māori Television has confirmed the resignation of Head of News and Production Julian Wilcox. Mr Maxwell acknowledged Mr Wilcox’s significant contribution to Māori Television since joining the organisation in 2004. More>>

ALSO:

Genetics: New Heat Tolerant Cow Developed

Hamilton, New Zealand-based Dairy Solutionz Ltd has led an expert genetics team to develop a new dairy cow breed conditioned to thrive in lower elevation tropical climates and achieve high milk production under heat stress. More>>

Fractals: Thousands More Business Cards Needed To Build Giant Sponge

New Zealand is taking part in a global event this weekend to build a Menger Sponge using 15 million business cards but local organisers say they are thousands of business cards short. More>>

Scoop Business: NZ Net Migration Rises To Annual Record In September

New Zealand’s annual net migration rose to a record in September, beating government forecasts, as the inflow was spurred by student arrivals from India and Kiwis returning home from Australia. More>>

ALSO:

Scoop Business: Fletcher To Close Its Christchurch Insulation Plant, Cut 29 Jobs

Fletcher Building, New Zealand’s largest listed company, will close its Christchurch insulation factory, as it consolidates its Tasman Insulations operations in a “highly competitive market”. More>>

ALSO:

Scoop Business: Novartis Adds Nine New Treatments Under Pharmac Deal

Novartis New Zealand, the local unit of the global pharmaceuticals firm, has added nine new treatments in a far-ranging agreement with government drug buying agency, Pharmac. More>>

ALSO:

Crown Accounts: English Wary On Tax Take, Could Threaten Surplus

Finance Minister Bill English is warning the tax take may come in below forecast in the current financial year, as figures released today confirm it was short by nearly $1 billion in the year to June 30 and English warned of the potential impact of slumping receipts from agricultural exports. More>>

ALSO:

Get More From Scoop

 
 
Standards New Zealand

Standards New Zealand

Mosh Social Media
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news