Infratil Raises Full-Year Profit Outlook on Australia Unit, Shell Purchase
Infratil Ltd., a New Zealand investor in energy and transport companies, raised its full-year operating earnings forecast after the purchase of a new business and profit rose at its Australian units.
Earnings before interest, tax, depreciation and the revaluation of financial assets will be NZ$415 million ($320 million) to NZ$435 million in the year ending March 31, the Wellington-based company said in a statement. In August the company forecast a range of NZ$390 million to NZ$430 million.
Infratil said profits from its Australian energy business, which generates and sells electricity, surged in the six months through September as winter demand increased. In March, Infratil agreed to buy a half share in Royal Dutch Shell Plc’s New Zealand fuel-retailing assets, which are likely to generate NZ$30 million of operating profit for the full year.
Operating earnings increased 24 percent to NZ$258 million in the six months ended Sept. 30 from NZ$207 million a year earlier, the company said today. First-half revenue rose 11 percent to NZ$1.07 billion.
Net income was NZ$16 million in the six months through September compared with a loss of NZ$31 million a year earlier.
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