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NZ’s Infratil Says Earnings May Rise 10% on Capital Spending

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May 15 (Bloomberg) -- Infratil Ltd., a New Zealand investor in transport and energy utilities, said full-year earnings may rise almost 10 percent, led by returns on capital investment.

Earnings before interest, tax, depreciation, amortization and changes in the value of financial instruments will be NZ$530 million ($412 million) to NZ$560 million next year, compared with NZ$510 million in the year through March, the Wellington-based company said in a statement today. It rose 12 percent in the reported period, the company said.

Infratil forecasts “consistent gains across all businesses reflecting expected returns on recent capex investment and ongoing improvement in operating margins,” the company said in a separate presentation.

The result and forecast exclude losses at the company’s European airports, which are being sold and were treated as discontinued operations. Their value fell to NZ$70 million as of March 31 from NZ$100.8 million a year earlier.

Infratil has been adding customers at its Lumo and Perth Energy units in Australia, which will underpin revenue and profit growth, it said. The forecasts include Perth even as the division’s ownership is under review.

Infratil shares were unchanged at NZ$2.03 as at the 5 p.m. market close in Wellington. The NZX50 index fell 0.6 percent.

To contact the reporter on this story: Tracy Withers in Wellington at twithers@bloomberg.net

To contact the editor responsible for this story: Chris Bourke at cbourke4@bloomberg.net

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