Infratil first-half earnings rise
Cash reserves improved by Z Energy stake sale.
See also: Infratil eyes energy and retirement home investments
EARLIER: Infratil [NZX: IFT] made a 14% gain in first-half pretax earnings and affirmed its guidance for full-year growth of as much as 17%.
Consolidated earnings before interest, tax, depreciation, amortisation, and fair value movements rose to $271 million in the six months ended September 30, from $242.5 million a year earlier, for the investment company managed by Wellington-based investment bank Morrison & Co.
Total income, which includes operating revenue, dividends and earnings from associate companies, increased 7.3% to $909.5 million.
The first-half earnings included contributions of $24 million from Metlifecare and RetireAustralia, and $11 million from Trustpower.
Infratil confirmed its full-year earnings guidance for the 2016 financial year of $500-530 million.
Infratil sold its remaining 20% stake in Z Energy in October, booking a profit of $392 million.
Chief executive Marko Bogoievski says the company now has cash on hand of $755 million and this "creates significant capital management and investment optionality."
First-half net profit rose 5.1% to $470.8 million. The company will pay an interim dividend on December 15 of 5.25c per share, up from 4.50c last year.
Infratil's shares last traded at $3.17, the highest in almost three months, and have gained 13% in the past 12 months.
(BusinessDesk)
Sophie Boot
Wed, 11 Nov 2015
Wed, 11 Nov 2015
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Infratil first-half earnings rise
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