Dividends boost fund

Dividends from Ports of Auckland and Northern Disposal Systems (NDS) have boosted Infrastructure Auckland's war chest to $815 million but grant applications have been delayed.

Chairman John Robertson said only $4.9 million of grants were approved last year. He expected a far greater level this year as there was a long pipeline of applications from local authorities.

The pre-tax surplus was $60.6 million, swelled by a $15.9 million dividend from Ports of Auckland, $12.2 million from NDS and net investment income of $16.4 million.

The major investment holdings were equities, which fell in value to $488 million from $599 million a year ago, and cash and fixed interest instruments, which rose from $271 million to $321 million.

The equity investments are 80% of Ports of Auckland and 100% of NDS and Americas Cup Village Ltd.

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