Infratil profit falls 50%

Net income was $7.3 million, or 1.4 cents a share, in the six months ended September 30, from $14.5 million, or 3 cents, a year earlier, the Wellington-based company said in a statement to the New Zealand stock exchange today. Gains on derivatives fell by $13.4 million to $7 million.

Changes to the value of derivatives masked a stronger operating performance on the back of record earnings from Infratil's 50.5% owned utility TrustPower and 66% owned Wellington International Airport. Earnings before interest, tax, depreciation, amortization and revaluations jumped 22% in the first half, to $203 million.

Earnings also gained from its Infratil Energy Australia unit. Earnings declined at Infratil's New Zealand Bus unit, which operates bus services in Auckland and Wellington, and at its Infratil Airports Europe business, reflecting a loss of freight services at Glasgow and Kent.

Shares on Infratil fell 1.6% to $1.81 and have dropped 35% this year. The company will pay a first-half dividend of 2.5 cents a share.

By Jonathan Underhill

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