Infratil Reports Strong Half-Year Performance

By David Winning

SYDNEY - New Zealand investment company Infratil has announced impressive financial results for the first half of the fiscal year. The company's net profit more than doubled thanks to a significant revaluation of its initial stake in One NZ. Additionally, Infratil provided an optimistic outlook for earnings in the coming year.

In the six months through September, Infratil recorded a net profit of NZ$1.21 billion, representing a NZ$1.06 billion revaluation gain on its initial 49.95% interest in One NZ. This gain was achieved after the company acquired an additional 49.95% stake in June. As a result of its strong performance, Infratil's directors have declared an interim dividend of 7 New Zealand cents per security.

In addition to its stake in One NZ, Infratil also has investments in other companies such as Manawa Energy and CDC Data Centres. The company has revised its fiscal 2024 guidance for proportionate earnings before interest, tax, depreciation, amortization, and fair value movements.

Infratil now anticipates annual proportionate Ebitdaf to range between NZ$820 million and NZ$850 million, compared to the previous guidance of NZ$800 million to NZ$840 million. The company has already demonstrated a strong performance in the first half, with proportionate Ebitdaf totaling NZ$400 million, a 45% increase compared to the previous year.

Chief Executive Jason Boyes expressed his satisfaction with these results, particularly amidst the challenging economic conditions. He said, "This is pleasing, at a time when pressure is coming on earnings across the economy."