Infratil Earnings Rise in 2017

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

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).

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

(END) Dow Jones Newswires

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