Infratil Earnings Rise in 2017

By Ben Collins Features Dow Jones Newswires

WELLINGTON, New Zealand -- Infrastructure investor Infratil Ltd. (IFT.NZ) said Thursday its underlying EBITDAF rose in the 2017 fiscal year.

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Infratil, which owns energy, transport and social infrastructure assets, also saw its net surplus fall.

It said in a statement that it had a net surplus of NZ$66.1 million New Zealand dollars (US$46 million) in the year to March 31, down from NZ$438.3 million in the prior period, when it was boosted by the sale of the Z Energy and iSite businesses.

Infratil's underlying consolidated EBITDAF was NZ$519.5 million, up from NZ$462 million in 2016 and higher than a guidance range of NZ$485-505 million it provided in March.

Investments during the year were worth NZ$728.2 million, marking the most active year for acquisitions in the company's 23-year history.

Net debt for Infratil and its wholly owned subsidiaries rose to NZ$918.3 million. Infratil said that just after its balance date, debt was reduced by NZ$238 million following receipt of the proceeds from its sale of a 20% stake in New Zealand-based retirement home operator Metlifecare (MTC.NZ).

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The company declared a final dividend of 10 New Zealand cents per share, up from NZ9 cents per share the previous year.

Looking ahead, Infratil said it expects underlying ebitdaf of between NZ$460 million and NZ$500 million for FY18, and operating cash flows of between NZ$210 million and NZ$250 million.

Write to Ben Collins at ben.collins@wsj.com

(END) Dow Jones Newswires

May 17, 2017 17:20 ET (21:20 GMT)